The Reserve Bank of India (RBI) disappointed bond markets by just cutting the CRR (Cash Reserve Ratio) by 25 bps in its policy review on October 30. The market was expecting at least a 25 bps repo rate cut, which the RBI did not oblige. The result of the policy disappointment was an upward shift in yield curves across segments. Government and corporate bonds and swap curves shifted up on the back of a status quo on repo rates.......
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