### POV: LITTLE ACTION SEEN FROM...>

EMERGING MARKETS: ### POV: LITTLE ACTION SEEN FROM KEY EM CENTRAL BANKS THIS

WEEK (2/2)

- India RBI (Thurs): Key Repurchase rate may be cut 25bps to 6.25%. First

meeting under new governor Das, may tilt focus to propping up growth by cutting

rates and shifting stance to neutral from hawkish bias in 2018. INR already the

worst performing in EM FX YTD.

- Mexico Banxico (Thurs): Overnight rate exp. unchanged at 8.25%. Lower than

expected January inflation and stronger MXN to justify keeping rates on hold,

but should retain hawkish bias for now.

- Philippines BSP (Thurs): Overnight rate exp. unchanged at 4.75%. Poor Q4 GDP,

expected inflation slowdown this year and low oil prices to keep policy on hold

for now.

- Russia CBR (Fri): Key rate exp. unchanged at 7.75%. 50bps of hikes in H2 last

year gives bank room to keep policy unchanged in early 2019. Returning

inflationary pressure to prompt further tightening later in 2019.