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RBI: Meeting Preview: Remain on Hold, Bias Change to Cut.

RBI
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  • Expect the RBI to remain on hold at next week's meeting, with the bias now moving to cut.
  • GDP has softened, though the monsoon rains have been good and likely to start to see the impacts of the expenditure from the recent budget flow through.
  • CPI has moderated, as has wholesale prices. Currently sitting around mid part of the target for the RBI.
  • Area to watch will be how the two new voting members vote given there is limited understanding of their bias.
  • Today's services PMI whilst softer, should not have a material impact on the decision.  
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  • Expect the RBI to remain on hold at next week's meeting, with the bias now moving to cut.
  • GDP has softened, though the monsoon rains have been good and likely to start to see the impacts of the expenditure from the recent budget flow through.
  • CPI has moderated, as has wholesale prices. Currently sitting around mid part of the target for the RBI.
  • Area to watch will be how the two new voting members vote given there is limited understanding of their bias.
  • Today's services PMI whilst softer, should not have a material impact on the decision.