“Debt-oriented schemes witnessed significant redemptions of approximately Rs 97,000 crore in May, led by outflows from the shorter end of the curve, particularly liquid, overnight, and money market funds. The withdrawals were driven by tighter liquidity conditions, which pushed short-term yields higher. Elevated bank CDs and securities paper supply further weighed on the short end of the market,” said Umesh Sharma, CIO – Debt, The Wealth Company Mutual Fund.