Rajan's Departure a Huge Loss for India, Says Bell
The rally in Indian sovereign bonds hit a wall this week as surging inflation weakened the outlook for interest-rate cuts, while investors awaited the naming of a new central bank chief. Consumer prices jumped 6.07 percent in July from a year earlier, breaching the upper bound of the Reserve Bank of India’s target range, official data showed Aug. 12. Peerless Funds Management Co. and DBS Bank Ltd. are among investors sceptical about further gains in bonds after the benchmark 10-year yield slid last week to its lowest level in seven years. RBI Governor Raghuram Rajan’s term ends on September 4. J.P. Morgan Asset Management Global market strategist Michael Bell discusses India and other emerging markets with Bloomberg's Francine Lacqua on "The Pulse."