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INDIA: RBI Cuts Rates for First Time Since 2020.

INDIA
IndiaEM BulletBulletAPACEmerging Market News
  • In his first monetary policy meeting as Governor, Sanjay Malhotra delivered India’s first rate cut since 2020 in an attempt to arrest the slowing growth.
  • The six member panel voted unanimously to cut rates 25bps to 6.25%, a move that the majority of economists predicted.
  • The monetary stance has remained at neutral, consistent with our view that the rate cutting cycle in India will be shallow.
  • With inflation still above the RBI target of 4%, its trajectory has been slowing, providing the window to cut in today’s meeting.
  • The new Governor has not been as public in presenting his views, making it difficult for market analysts interpret his intentions.
  • Last weekend the government announced their budget with significant tax relief to the middle class and today’s rate cut will add to that level of support for the broader economy. 
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  • In his first monetary policy meeting as Governor, Sanjay Malhotra delivered India’s first rate cut since 2020 in an attempt to arrest the slowing growth.
  • The six member panel voted unanimously to cut rates 25bps to 6.25%, a move that the majority of economists predicted.
  • The monetary stance has remained at neutral, consistent with our view that the rate cutting cycle in India will be shallow.
  • With inflation still above the RBI target of 4%, its trajectory has been slowing, providing the window to cut in today’s meeting.
  • The new Governor has not been as public in presenting his views, making it difficult for market analysts interpret his intentions.
  • Last weekend the government announced their budget with significant tax relief to the middle class and today’s rate cut will add to that level of support for the broader economy.