The Indian version of quantitative easing

By resorting to the two-step OMOs, the RBI is managing the yield at both the shorter as well as the longer end

Is it a bird? Is it a plane? No, that’s Jonty Rhodes!

That is how the commentators reacted to South African cricketer Rhodes’ flash fielding as he sent Pakistan’s Inzamam-ul-Haq back to the pavilion in a 1992 World Cup match at the Gabba.
 

Market commentators are looking at the Reserve Bank of India’s (RBI’s) latest action in the same way. The central bank is going for simultaneous purchase and sale of government securities under the so-called open market operations (OMO) today. It will sell four short-term treasury bills maturing between June 2020 and April 2021 and buy four dated securities, of