India bond yields steady as traders await fresh triggers
By Bhakti Tambe
MUMBAI, Aug 19 (Reuters) -Indian government bond yields were little changed in early trade on Monday as traders refrained from taking large positions amid a lack of fresh triggers.
The benchmark 10-year yield IN071034G=CC was at 6.8643% as of 10:15 a.m. IST, compared with its previous close of 6.8700%.
"The next key triggers are minutes from the latest meetings of the Federal Reserve and the Reserve Bank of India (RBI), due this week. Till then, the yield may remain rangebound," a trader at a foreign bank said.
U.S. Treasury yields eased on Friday, partly reversing the previous day's big gains as investors digested data showing a resilient U.S. consumer and inflation trending lower, leaving the Fed ample scope for a small interest rate cut next month.
A healthy U.S. retail sales data and a smaller-than-expected rise in weekly unemployment claims on the heels of benign inflation readings restored confidence in the economic picture last week.
Consequently, investors scaled back bets that the Fed would need to cut 50 basis points when it next meets in September. They now see a 74% chance of a 25 bps cut in the policy rate. FEDWATCH
In India, the RBI kept its key rate unchanged earlier this month, while maintaining its focus on bringing inflation down.
India's retail inflation fell in July to a near five-year low, as food inflation eased due to a base effect.
The three key factors for policy rates in India can be fiscal policy, monsoon conditions, and the global economic scenario, according to Abhishek Bisen, fixed income head at Kotak Mahindra Mutual Fund.
"We now have a clear view on fiscal policy and monsoon conditions, both of which support a potential easing of policy. However, uncertainties remain regarding the Federal Reserve's actions and geopolitical development."
Oil prices eased in early Asian trading amid fears of weaker demand in China. O/R
Reporting by Bhakti Tambe; Editing by Mrigank Dhaniwala
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