India’s 10Y bond yields fell to a one-year low of 7.1% at the end of April, as the Reserve Bank of India’s (RBI) dovish monetary policy and weak corporate earnings boosted demand for government bonds. The RBI’s latest meeting saw it maintain its main repo rate at 6.5%, halting its tightening cycle of increasing rates by 250 bps since May 2022. The soft policy was expected to lead to a pullback in inflation, given lower oil and food costs, while worrisome corporate results from tech firms further bolstered government bonds.