February MPC Decision: A refraining act
08-Feb-2024In the February MPC policy, both repo rate and stance have been left unchanged. RBI sounded cautious and reiterated its focus on inflation targeting.
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In the February MPC policy, both repo rate and stance have been left unchanged. RBI sounded cautious and reiterated its focus on inflation targeting.
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India's headline inflation for the month of December 2023 was recorded at 5.69 per cent, lower than the market expectations. At 3.89 per cent, the core inflation fell below 4 per cent for the first time since December 2019.
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India's CAD improved marginally to 1 per cent in Q2 FY24 from 1.1 per cent in Q1 FY24 and 3.8 per cent in corresponding period of last financial year.
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The US Federal Reserve held US Fed Funds rates steady in the range of 5.25 per cent to 5.5 per cent and more importantly indicated rate cuts in the next year, which triggered a sharp rally in the US and domestic bonds.
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The RBI MPC decided to keep the policy rate unchanged at 6.50 per cent and maintained stance at the withdrawal of accommodation in its December policy review, much in line with broader expectations.
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RBI will announce its policy decision on 8th Dec'23 and is expected to maintain status quo on policy rates and stance amidst continued upside in price pressures and robust Q2 growth print released recently.
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The real GDP growth for the second quarter stood at 7.6 per cent, standing significantly higher than RBI’s projection of 6.5 per cent for the quarter.
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At 12.1 percent, the growth in India's eight key
infrastructure industries last month is well above
the 8.1 percent recorded in
September. The commerce ministry, on November 30, revised this figure to
9.2 percent.
The Indian bond markets opened today to the pleasant and much awaited news of being finally included in a major bond index, i.e. JP Morgan Government Bond Index-Emerging Markets (GBI-EM), which is expected to have far reaching impact on bond and currency markets.
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India's Current Account Deficit fell to $1.3 billion (0.2% of GDP) in Q4 of FY2023 from $16.8 billion (2% of GDP) in Q3 FY2023, and $13.4 billion (1.6% of GDP) a year ago.
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