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Fixed Income Update – March 2017

Markets got a surprise in February as Reserve Bank of India (RBI) kept benchmark interest rates unchanged & shifted its stance to ‘neutral’ from ‘accommodative’. RBI explicitly emphasized the need to move to 4% Consumer Price Index (CPI) inflation on a durable basis in context of a still stubborn core inflation. In the note we have highlighted the remonetisation exercise by the government, the options available for RBI to manage excess liquidity and outlook on fixed income.