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Murthy Nagarajan, Head -Fixed Income, Quantum AMC, says: “As expected, a status quo policy, with the RBI reiiterating that they remain accommodative and are waiting for further room to open up. We hold our view that the next rate cut would be possible only post the budget. With the RBI highlighting the impact of pay commission on the fiscal numbers, it would want to wait and see the markets response to the government’s ability to meet the 3.5% FD target.
We like government bonds at these levels and continue to maintain our long duration stance with an expectation of term spread compression in the months to come.”
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