The yield on India’s 10-year G-Sec dropped below 6.5% in mid-October, reaching its lowest level in three weeks, as dovish signals from the Reserve Bank of India reinforced expectations of a near-term rate cut. The central bank's recent meeting minutes showed policymakers more open to easing, with Governor Malhotra noting that lower inflation offers room to support growth. India’s inflation slowed to 1.54% in September, the lowest in eight years and below the RBI’s 2–6% target and market forecasts of 1.7%, bolstering the case for a December cut. The RBI kept rates steady earlier this month, though two members backed shifting to an accommodative stance to aid an economy pressured by US tariffs. Meanwhile, investors now tracked mixed signals from US-India trade relations after President Trump claimed Prime Minister Modi pledged to halt Russian oil purchases, a claim New Delhi denied while reaffirming it would continue such imports if economically viable.