HIGHLIGHTS
- The yield on the 10-year Indonesia Government Bond (INDOGB) edged down to 6.904% on 17 March 2026, from 6.913% in the previous session. Meanwhile, the UST 10-year yield increased by 5 bps to 4.39% as of March 24, 2026
- Government bond trading volume totaled IDR 39.34 trillion, dominated by short-term tenors (<5 years). This represented a decline from the previous day’s transaction value of IDR 42.78 trillion and remained below the year-to-date average of IDR 49.43 trillion. Outright transactions reached IDR 20.36 trillion, down from IDR 27.29 trillion recorded a day earlier.
- Meanwhile, total corporate bond trading volume stood at IDR 7.65 trillion, largely concentrated in short-term tenors (<5 years). This marked a decrease from the previous day’s volume of IDR 10.78 trillion, although it remained well above the year-to-date average of IDR 3.31 trillion. Outright transactions amounted to IDR 7.64 trillion, declining from IDR 10.56 trillion in the prior session.
- The rupiah strengthened marginally by 0.03% against the US dollar to IDR 16,985 from IDR 16,990, while the Jakarta Composite Index (JCI) rose 1.20% to 7,107 from 7,022. In the commodities market, Brent crude inched up to USD 103.71 per barrel from USD 103.57, while WTI Cushing crude oil spot prices declined to USD 93.50 per barrel from USD 98.71.
GLOBAL UPDATES
- The Fed held rates steady at 3.5%–3.75% for a second straight meeting in March 2026, in line with expectations, citing solid economic growth, soft job gains, and still-elevated inflation. Policymakers flagged uncertainty from geopolitical risks, including the Iran conflict, but continue to signal one rate cut in 2026 and another in 2027. The Fed also revised GDP forecasts higher to 2.4% (2026) and 2.3% (2027), while inflation projections were raised to 2.7% for both headline and core PCE in 2026, indicating a slower path toward the inflation target. (CNBC, Fed Reserve)
DOMESTIC UPDATES
- Bank Indonesia held its policy rate at 4.75% in March 2026, in line with expectations, to support Rupiah stability and keep inflation within its 2.5% ±1% target. The Rupiah weakened to Rp16,985/USD amid global risk-off sentiment driven by Middle East tensions. Meanwhile, inflation rose to 4.76% YoY in February, the highest since March 2023. Despite external pressures, BI maintained its 2026 growth forecast at 4.9%–5.7%, supported by solid domestic performance, with GDP expanding 5.39% YoY in Q4 2025, the strongest since Q3 2022. (Bank Indonesia)
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