Last Week’s Negative Sentiment. BI’s dovish attitude and the revision of Indonesia’s economic growth have become negative sentiment for the bond market in the past week. BI maintained its April BI 7DRRR at 3.50% level, as the central bank cut its projection for domestic economic growth in 2022, to the range of 4.5%-5.3% YoY (Vs. Prev. 4.7%-5, 5% YoY). Last week, investors were also watching the Fed Chair’s speech, which said a 50 bps rate hike would be discussed at the May 2022 meeting.

Download full report HERE.