The Central Statistics Agency (BPS) announced that Indonesia’s inflation in February 2021 will be 0.10% MoM or 1.38% YoY. This figure is in line with market expectations of 0.08% MoM and 1.36% YoY. Yesterday, the benchmark 10-year Government Bond (SUN) yield fell by almost 4 bps, or the deepest drop compared to other benchmark series. The yield decrease is amidst the decline in US Treasury (UST) yield from its highest level last week. For the record, the 10-year UST yield as of Friday (26/02) has dropped to the level of 1.40%. The SUN market was maintained yesterday, also amid the release of Indonesia’s manufacturing data as measured by the Purchasing Managers’ Index (PMI) at 50.9 or will continue to expand for the February 2021 period.
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