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MUMBAI: Indian government bond yields moved sideways early on Wednesday as traders bided their time before a slate of economic data from the United States and at home to set the tone, with the benchmark bond yield holding at 6.85%.

The 10-year yield was at 6.8569% as of 10:00 a.m. IST compared with its previous close of 6.8619%.

“There is absolutely no trigger for the bond market for the last couple of days and hence, volumes have also gone down,” a trader with a primary dealership said.

“We expect some action only on Friday,” the trader said. US growth data is due on Thursday, followed by personal consumption expenditure data on Friday, which is seen a close gauge to measure inflation.

Indian growth data is also due after market hours on Friday and a Reuters poll expects growth likely moderated and grew at its slowest pace in a year in April-June due to lower government spending amid a national election that concluded in June.

India bonds not reacting to strong domestic growth, yields little changed

In the April-June quarter, gross domestic product (GDP) was forecast to have grown an annual 6.9%, down from 7.8% in the preceding quarter.

Longer-dated US yields inched up on Tuesday as investors assessed the possibilities of about how deep the Federal Reserve’s interest rate cuts would be next month.

The 10-year US yield was around 3.83% in Asia hours, little changed from its overnight close.

While a 25 basis points cut in September is certain, the odds of a 50 bps rose to 35% after easing below 30% on Tuesday. For the year, the market is expecting rate cuts of just above 100 bps, according to CME FedWatch Tool.

Focus would also remain on debt supply as New Delhi will sell bonds worth 300 billion rupees ($3.57 billion) on Friday, which includes benchmark bond worth 200 billion rupees.

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