As Russia’s bloody invasion of Ukraine was set to enter its seventh day with no end in sight and oil prices surging past $110 a barrel, money markets are pricing in the prospect of the Reserve Bank being forced to accelerate interest rate hikes.

Local bonds fell with their international counterparts on Wednesday, pushing benchmark yields, which move inversely to the price, to the highest level since December. Investors are starting to price in higher inflation due to the oil price spike and potential disruptions to other commodities...

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