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Union Budget FY2025 - Key Highlights

02 August 2024
    Local Market Commentary
    Download the full reportPDF, 1.76MB

    RBI MPC maintains a steady hand even as global central banks mull sharper rate cuts

    • In an environment where global central banks have been in the spotlight, the RBI announced its monetary policy committee (MPC) decision. Not surprisingly, in a low-key outcome, the MPC maintained status quo, along with a continuing hawkish line to keep market expectations of any sharp easing actions under check
    • Monetary Policy stance was retained at “withdrawal of accommodation”, which some participants were hoping would be changed at least to neutral. The markets initially reacted a tad negatively, with yields moving up 2-3 bps, but recovered later due to absence of any liquidity draining measures. Yields across all tenors remained broadly unchanged over the day
    • With this Policy being a non-event as we had expected, we focus on the key issues which can influence RBI’s monetary policy course over the coming 6-8 months along and discuss our interest rate outlook

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