10-year benchmark yields hit 30-month low of 6.82% on falling oil prices
Bond yields, which ended at 6.82% were down by three basis points, since its previous close at 6.85%, Clearing Corporation of India data showed.
“US treasury yields came down by 6-7 basis points due to the crash in crude oil prices yesterday. If the US CPI data comes below expectation, then we can see similar levels, or yields may even go down”, said a bond trader at a Primary Dealership.
US Ten-year Treasury yields fell to 3.6068%, the lowest since June 2023, according to Reuters.
Global oil benchmark Brent crude futures settled at their lowest level since December 2021 on Tuesday, after OPEC+ revised down its demand forecast for this year and 2025. There were also supply concerns from Tropical Storm Francine approaching across the Gulf of Mexico, driving operators to shut in around a quarter of offshore crude production.
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The focus remains on US consumer price index (CPI) data expected on Wednesday after market hours.
