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...This has led to the RBI looking much less reassuring in keeping the rates unchanged and much more vulnerable in sticking to the shaky stance it took in its last policy. It is in a tight spot and if it gets a respectable way out, it will possibly grab it with both hands. Let us take a step back to understand the RBI’s delicate position. Back in January, when banks were awash with liquidity, thanks to demonetisation, the rate cut was a given—the question was how aggressive it would be. Bond markets were magnanimously marking up the gilts to new highs, as they started factoring in a sizeable slice in the rates by RBI (rates and bond prices are inversely related). Some analysts made outrageous forecasts on the 10-year yield (on the downside) to feed the media frenzy and hit the headlines. Consensus trade was conspicuously long on bonds. Traders were sitting on sizeable MTM (mark-to-market) gains in their bond portfolios. So far so good, or so it appeared. ...Live Mint on June 16, 2017, 2:23 a.m.