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IDFC AMC Research Report
The bond market had been understandably perturbed in the run up to the October policy.
The so called variable rate reverse repo cut off for a shorter tenor had spiked at quarter end thereby muddling some expectations with respect to the normalisation plan ahead.
The global backdrop has been turning more hostile as well with a more hawkish Fed leading U.S. real yields (and dollar index) higher and with energy prices skyrocketing.
Clouding formation of expectations has also been the fact that the level of the overnight rate indeed is still at emergency levels in India.
This has looked all the more discordant given the resurgence in organised sector recovery that one has seen over the past few months.
Reserve Bank of India’s policy description today hence comes as a welcome reorientation for market focus.
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