A spike in inflation reading this week has revived debate among sovereign bond traders in India over how long the central bank could retain its dovish policy stance. The yield on India’s benchmark 10-year bonds surged to its highest since April, five-year swaps headed for the biggest weekly gain since February, while the borrowing cost on Treasury bills rose to the highest in more than a year this week. That’s a sign that some investors are bringing forward bets for policy normalisation by the Reserve Bank of India after retail inflation recently crossed the central bank’s comfort zone of 2%-6%. The inflation shock is adding to uncertainty on whether the central bank would stick to its pled
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