 "Rate hike for sure, but by how much, Governor?")
At the last auction of the 364-day Treasury Bills on June 1, the cut-off yield crossed 6 per cent to reach 6.0801 per cent. The last time we saw the cut-off yield of this instrument exceed 6 per cent was on July 10, 2019 (6.0611 per cent).
What was the level of retail inflation then? In July 2019, the consumer price index (CPI)-based inflation was 3.15 per cent, down from 3.18 per cent in June. What was the policy repo rate? It was on a downward trajectory — 5.75 per cent, from 6 per cent in April, with two more rate
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