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This is not the first time that the debt market has disregarded the central bank's decision. In December, we saw the central bank raise the rate by 100bps, saying, "it felt that the end goal of a mildly positive real interest rate on a forward-looking basis was now close to being achieved". Looking ahead, it expected the rate to remain unchanged in the near term. Still, the market did not respond to it, and the bank had to repeatedly provide liquidity to the market through unprecedented 63-day OMO injections to bring down the cut-off yields. There are multiple reasons for the market's scepticism of the SBP decision. For starters, the Russia-Ukraine conflict has created uncertainty in international commodity markets and rattled the global financial situation. This could exacerbate Pakistan's current account deficit and stoke higher inflation than is anticipated. Likewise, the market doesn't seem to agree with the SBP reading of the Rs246bn energy price relief as "fiscal deficit neutral". On top of that, the anticipated delay in the conclusion of the ongoing review of the IMF programme on the new tax amnesty and relief package and growing political instability in the country aren't helping at all. Therefore, to avoid adding to the monetary policy uncertainty.