Government bond yields remained steady, awaiting fresh triggers

The 10-year government yield closed at 7.0401%, nearly unchanged from its previous close, reflecting cautious trading sentiment.

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The 10-year US yield reached 4.20% on Wednesday, with February's consumer price data showing persistent inflation, dampening rate-cut hopes.

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Economist Anitha Rangan noted that the Fed is unlikely to ease soon, with inflation and labour markets showing no signs of improvement.

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While the Fed is not expected to cut rates in its upcoming decision, concerns remain that officials may revise their rate-cut expectations for 2024.

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