10yr benchmark yields traded in the range of 7.29%-7.43% and eventually ended the month 12bps lower sequentially at 7.31%. The 10y benchmark averaged 7.36% in March.

Crisis arising in the banking system of developed economies led markets to price-in an end to the rate hike cycle. The fear of a global slowdown/recession became a real risk. Central banks were forced to reincorporate into their agenda the threat to financial stability arising from the breakneck pace of tightening alongwith the inflation targeting. This led to rates moderating in March.