In two months before Duvvuri Subbarao took his first baby step of raising key rate by 25 basis points in April 2010 to fight inflationary pressures, yields on benchmark bonds had surged about a hundred basis points. A similar act may be playing out now on the Mint Street, though in the opposite direction. Market is flashing signs of lower interest rates though Reserve Bank of India Governor Raghuram Rajan is showing little signs of easing anytime soon. ........
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