Mains Answer Writing - 27 May, 2026

GS3

Economy

10 marks

“Bond yields are often considered a barometer of macroeconomic expectations and monetary policy.”
In this context, explain the inverse relationship between bond prices and bond yields. Discuss how changes in interest rates and inflation expectations influence the sovereign bond market in India.

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Tips for your answer

Define fixed-income securities and sovereign bonds briefly.
Explain inverse relationship using fixed coupon mechanism.
Link with RBI monetary policy, repo rate, inflation expectations.
Mention impact on government borrowing costs, banking sector, and investments.
Use terms like Yield to Maturity (YTM), secondary market, liquidity, fiscal deficit.

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