India bond traders await cenbank policy minutes, as US yields march higher
By Nimesh Vora
MUMBAI, Oct 23 (Reuters) -Indian government bonds yields were largely unchanged on Wednesday amid a further rise in U.S. Treasury yields, while market participants awaited the minutes of the Reserve Bank of India's latest policy meeting.
The benchmark 10-year bond yield IN071034G=CC was at 6.8283% at 10:30 a.m. IST, compared with its previous close of 6.8220%.
"Let's see what the minutes bring, though I think they may not matter much after what governor said," a trader at a private bank said.
"I do not see much happening. The range of 6.81%-6.85% should hold till the U.S. Presidential elections, Fed meeting."
The minutes of the RBI's Oct. 7-9 meeting will help market participants gauge the views of the three new members of the monetary policy committee.
At that meeting, policymakers kept the repo rate unchanged and unanimously changed the stance to neutral.
The change in stance spurred optimism for a December rate cut, but RBI chief Shaktikanta Das' comments last Friday prompted traders to dial that back. Das said it would be "very premature" and risky to lower interest rates at this stage.
U.S. YIELDS CONTINUE TO RISE
The benchmark 10-year U.S. Treasury yield US10YT=RR inched up to 4.2320% in Asia hours, its highest in three months.
The ongoing uncertainty around the upcoming U.S. presidential election, recent resilient economic data and a change in expectations on the Federal Reserve's rate cut path had prompted investors to dump U.S. Treasuries.
The U.S. presidential election will be held on Nov. 5, while the Fed meets on Nov. 6-7.
Reporting by Nimesh Vora; Editing by Varun H K
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