The government raised Rs1.92 trillion via Wednesday's T-bill auction, below the Rs2.4 trillion target despite Rs4.28 trillion in bids. Yields fell across all tenors: 1-month down 40bps to 11.40%, 3-month down 35bps to 11.40%, 6-month down 31bps to 11.44%, and 12-month down 35bps to 11.49%. CPI eased to 11.1% YoY in June from 11.7% in May, within SBP's projected range. SBP held its policy rate at 11.5% in June. Falling yields across the board signal growing market expectations that the tightening cycle has ended, with the next SBP move likely toward easing. This is positive for fixed income and money market fund investors, as bond prices typically rise ahead of rate cuts. For PSX equity investors, lower yields could gradually improve equity valuations by making stocks more attractive versus falling fixed-income returns. حکومت نے بدھ کو ٹی بلز کی نیالمی میں1.92ٹریلین روپے اکٹھے کیے، تمام میعادوں میں منافع کی شرح میں کمی دیکھی گئی۔ جون میں مہنگائی11.1فیصد رہی جو مئی میں11.7فیصد تھی۔ مارکیٹ کو توقع ہے کہ شرح سود میں سختی کا دور ختم ہو چکا ہے۔ #PSX #SBP #TBills #InterestRates #PakistanEconomy #MutualFunds