By Operation Twist, RBI is probably trying to tell us the longer-term yield should not be flying away so much and that it expects inflation to come off, says K Harihar of FirstRand Bank. Excerpts from an interview with ETNOW. ET Now: What is RBI trying to do really: just flatten the yield curve? Can you break it down for our viewers? K Harihar: The credit policy signalled that we are in a ‘rate pause’ mode, and no rate cuts are likely in view of the elevated inflation levels and expected fiscal stance of the government, and also depending on the way the Budget comes and the inflation trajectory pans out. Typically, the market should have just said okay, there is no rate cut, so stay where it is. But post credit policy, we actually had longer-term yields fly away and go all the way to 6.80 per cent. So, a 30-odd bps uptick in the long-term curve was seen as a very big move, which probably left them completely non-aligned with what was there in the credit policy. Remember, the policy also said we are pausing, but keeping open the possibility of rate cuts, maybe in April. So, Operation…