汇丰银行-印度宏观经济-indiaeconomics：ratecutdelivered,neutralstancemaintained-20170802-hsbc-7页.pdfVIP

Economics - Data Reactions 02 August 2017 India Economics Pranjul Bhandari Rate cut delivered, neutral stance maintained Chief Economist, India HSBC Securities and Capital As expected, the RBI cut the policy repo rate by 25bps to 6%, and stuck firmly to Markets (India) Private Limited its neutral and wait-and-watch stance. It reiterated its commitment to the 4% +9122 2268 1841 pranjul.bhandari@hsbc.co.in inflation target, and elsewhere in the policy statement projected that inflation is indeed likely to be in the 4% ballpark (excluding the statistical Housing Rent Allowance impact) by fiscal year end. With inflation forecasted at the target range, Aayushi we believe there is no pressing need to either cut (or hike) rates. As such, we Chaudhary believe the RBI will be on a prolonged pause from here on. There are risks of a final 25bps rate cut towards the end of the year if inflation continues to undershoot