A freaky little incident happened in India’s bond market on the day of Holi, March 8. That day, the cut-off yield of the country’s 364-day Treasury bill rose above that of the benchmark 10-year bond in auctions conducted by the Reserve Bank of India. The RBI sold 364-day notes at a 7.48% yield, while the 10-year benchmark bond yield ended at 7.4547%. This briefly led to inversion of the yield curve – a phenomenon that has gripped financial