Fixed Income View: MPC Statement - A Hawkish Shift
· The MPC statement delivered a hawkish shift. Bond markets turned risk-off with both the MGS and IRS curves 3-10bps higher.
· While the hawkish shift came earlier than anticipated, the overall direction of yield, external risk sentiment and local auctions have developed more or less in line with our expectation.
· We maintain our outlook on MGS at mildly bearish, but further selloffs in the already underperformed ultra-longs may open up buying opportunities.
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