2013 in Haiku

It was the best of times, it was the worst of times. 2013 was surely an “annus horribilis” for the bond market. Starting the year with the benchmark bond a little over 8% and reaching a low of just over 7%, we touched nearly 9.5% in August and ended not much lower. A roller coaster ride if there was.

So here is my year in review in Haiku form*.

Seven three quarters
Cash reserve reduced
A Happy New Year!

Four point eight fisc
Open market operations
The shortest month.

Repo rate cut
No auction, no OMO
Cobrapost at year end.

RBI buys dollars
100 tons of gold imported
Spring time indeed.

Rate cut, bonds on fire,
Doused by taper talk,
An Indian summer.

The trade wind blows
The rupee goes down
No monsoon joy.

Officials panic,
The money markets punished,
The ides of July.

Capital controls
As LED TVs taxed,
August augured ill.

A new governor
With magic wand raises rates,
The rains withdraw.

Onions bring tears
Seven three-quarters once more
On all hallows eve.

Forex flows forgotten
Plunged in pain and punishment
Winter’s withering wind

Rate hike paused, hurrah!
But taper to come, beware!
Stiff drink this Christmas.

* A Haiku typically has two images – often contrasting, and a seasonal element. I have tried to preserve this format as much as possible. If you are a Haiku purist, my apologies. I know that a Haiku in english follows a 5-7-5 syllable format, but in some cases I have taken liberties.

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