Thread by @eyeofsiva

It has been such a crazy year that writing a normal end-of-year piece seems so boring. So let's do something different, shall we?

Banks catch a viral fever
Staring at MTM losses dear
Liquidity tight
Nothing’s right
Not a happy new year

Fiscal slippages at three levels
Taxes on capital at five levels
RBI’s sad
Market’s bad
One day default rule bedevils

Last month ended in fear
Borrowing programme drawing near
Auction calendar shocks
There’s more of shorter stocks
There’s cheer at the end of year

Dovish policy seems to entail
But the devil was in the detail
Threat of a rate hike
Sent through the market a spike
Leading a series of auctions to fail

Rupee at eight and sixty
Brent marches on to eighty
Inflation rears its head
We thought it was put to bed
Yields peak at seven ninety

From reserves spent 40billion
More upside seen to inflation
Risks remain to be faced
Will support prices be raised
A neutral rate hike, what’s that? Pardon?

Crude down, we are happy
Some respite seen to the Rupee
Market rallied
Good news was tallied
And ignored the hike in MSP

RBI stops, Rupee drops
Another neutral hike drops
Yields back up to eight
Rating agencies we berate
As IL&FS pops

NBFCs in a media scare
To lend to them no one dare
When too big to fail
Is too big to save
“There is nothing to see here”

Stance change ticks the top
$-Rupee blows its top
Bond prices smartly gain
Can rates be hiked again?
Crude too beings its drop

Capital reserves grab attention
But inflation & open market operation
Brings out the bidders
Calms the money jitters
And eases the market’s desolation

Policy on pause on inflation fall
Yields to start of year fall
Governor departing
To market cheering
What’s the point of it all?

(except to inspire this stupid poem)