Last Friday, the 10-year bond yield fell 3 basis points (bps) to end the day at 6.99 per cent – the first instance of the yield closing below 7 per cent since April 7, 2022. In the first week of May as well, the 10-year bond yield dropped below 7 per cent – to 6.98 per cent, before profit-booking kicked in, lifting it above that mark. On the same day, the cut-off yield of the 10-year bond auction was fixed at 7.038 per cent – its one-year low. One basis point is a hundredth of a percentage point.