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India bonds pummelled after Treasury rout, traders raise rate hike bets
MUMBAI: Indian government bonds plunged in early deals on Thursday, tracking a spike in US Treasury yields and higher oil prices, which have strengthened bets that the local central bank will adopt a hawkish stance at its upcoming monetary policy meeting. The benchmark 6.94% 2036 bond yield was at 7.0914% as of 10:15 a.m. IST, after ending at 7.0447% on Wednesday. The yield hit 7.0994%, its highest since September 15, earlier in the session. Bond yields move inversely to prices. US Treasury yields surged to their highest levels since July 2007 on Wednesday, after a robust purchasing managers’ ...
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