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The Indian government bonds plunged Monday as investors drove out of safe-haven buying after the Federal Reserve Chair Janet Yellen spoke at the annual Jackson Hole Symposium on Friday, hinting that the possibilities of increasing policy rates have strengthened in recent months.
The yield on the benchmark 10-year bonds, which moves inversely to its price, rose more than 1 basis point to 7.142 percent, the yield on super-long 30-year bond nearly climbed 2 basis points to 7.304 percent and the short-term 2-year note yield bounced 1/2 basis point to 6.851 percent by 07:00 GMT.
At the Jackson Hole Symposium, Yellen said that the FOMC continues to anticipate that gradual increases in the federal funds rate will be appropriate over time to achieve and sustain employment and inflation near our statutory objectives. She said that in light of the continued solid performance of the labour market and the Fed’s outlook for economic activity and inflation the case for an increase in the federal funds rate has strengthened in recent months. However, Yellen furthered that of course, the Fed’s decisions always depend on the degree to which incoming data continues to confirm the Committee's outlook.
According to Reuters, the Reserve Bank of India will auction four bonds for 140 billion rupees this week including 80 billion rupees of the benchmark paper, which will take its issuance to 870 billion rupees.
The Indian bonds have been closely following developments in oil markets because of their impact on inflation expectations. The International benchmark Brent futures fell 1.26 percent to $49.52 and West Texas Intermediate (WTI) dipped 1.39 percent to $46.98 by 06:20 GMT.
Meanwhile, the Sensex fell 0.05 percent or 12.84 points to 27,769.41 and Nifty-50 futures traded 0.13 percent lower or 11.10 points at 8,618.50 by 07:00 GMT.
