Yields of Government Securities (G-Secs) softened on Thursday, tracking the US Treasury yields which declined after indications that the Fed may go for three quarter points rate cut in 2024.

Yield of the benchmark 10-year G-Sec has thawed about 2 basis points (with its price rising about 14 paise) so far and is currently trading at 7.0715 per cent against previous close of 7.0918 per cent.

At its meeting on March 20, the Federal Open Markets Committee (FOMC) decided to maintain the target range for the federal funds rate at 5.25 per cent to 5.50 per cent.

The committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2 per cent.