Bond yields edged lower on Thursday, as the yield on US 10-year Treasury slipped below the 2% mark after the Federal Reserve hinted at interest rate cuts going ahead.
In the global market, US Treasury yields retreated on Wednesday after the Federal Reserve held interest rates steady, as expected, but flagged possible rate cuts of as much as half a percentage point later this year as inflation remained below its target. Furthermore, Oil prices rose over 1% as official data showed US crude stocks fell more than expected and as OPEC and other producers finally agreed a date for a meeting to discuss output cuts.
Back home, the yields on new 10 year Government Stock were trading 7 basis point lower at 6.77% from its previous close of 6.84% on Wednesday.
The benchmark five-year interest rates were trading 5 basis points lower at 6.63% from its previous close of 6.68% on Wednesday.