RBI MPC meet live updates: In the last monetary policy review in August, RBI had kept the repo rate unchanged at 6.5 per cent. This was the third straight time that the central bank went for the pause button. Crisil sees a potential for 25 basis point rate reduction in early 2024
RBI MPC meet live updates: RBI Governor Shaktikanta Das is likely to maintain his hawkish rhetoric on inflation, avoiding any signs that rate cuts are on the cards. High inflation has put the focus back on liquidity management amid the reduced ability to keep hiking rates at the risk of hurting growth and that is likely to stay at today’s policy review.
The MPC has three external members and three officials of the RBI. The external members on the panel are Shashanka Bhide, Ashima Goyal, and Jayanth R Varma. Besides Governor Das, the other RBI officials in MPC are Rajiv Ranjan (Executive Director) and Michael Debabrata Patra (Deputy Governor).
October 06, 2023 / 07:30 AM IST
RBI MPC meet live: What Deutsche says on inflation
RBI has forecast inflation at 5.4% in 2023/24 but Deutsche Bank expects it to raise that view to 5.5-5.7% today while keeping the GDP forecast unchanged at 6.5%.
October 06, 2023 / 07:27 AM IST
RBI MPC meet live: Hawkish all the way
Even as the worst of inflation is behind us and core retail prices are on a downward journey, we would still expect the RBI to maintain a bit of hawkishness on inflation dynamics, given various uncertainties such as climate conditions, commodity prices and global risk positioning, say Yes Bank economists Indranil Pan and Deepthi Mathew
October 06, 2023 / 07:24 AM IST
RBI MPC meet live: MPC to stay watchful, says Siddhartha Sanyal
The chief Economist of Bandhan Bank said global macroeconomic backdrop were complicated with uncertainties around growth, prompting RBI to to stay watchful, with a likely guidance of rates to remain higher for longer. “Nevertheless, softening in prices of agro commodities since August has offered the MPC some breathing space, which will allow it to refrain from any rate action at the moment.”
October 06, 2023 / 07:23 AM IST
RBI MPC meet live updates: Madan Sabnavis on today’s policy action
We expect status quo position this time as inflation is still high and liquidity tight. Going by RBI’s forecast on inflation, it would be above 5 per cent in Q3 too, which will ensure that the status quo prevails for the calendar year for sure and probably Q4 too, said the Chief Economist of Bank of Baroda
October 06, 2023 / 07:16 AM IST
RBI MPC meet live: StanC doesn’t see Re crossing 84 even if dollar climbs
RBI has been protecting rupee from depreciating very sharply, Parul Mittal Sinha, head of financial markets at the lender told Bloomberg, adding that RBI will continue to maintain tight liquidity conditions to help support the rupee unless “we see big shocks from the global markets or if crude starts trending higher.”
October 06, 2023 / 07:09 AM IST
RBI MPC meet live: What MSMEs expect
With inflation still high, a reduction in policy rate looks remote, but in the interest of MSMEs and the economy as a whole, we expect the RBI to maintain the status quo as any further increase will start hurting the growth of the economy, Puneet Kaura, chairman, CII Delhi State Council and MD & CEO, Samtel Avionics, told News 18.
October 06, 2023 / 07:08 AM IST
RBI MPC meet live updates: Got a home loan? Here’s what you should know
In case of a status quo, interest rates for retail, as well as corporate borrowers, would remain stable. As the inflation trajectory goes downwards, experts don’t rule out a rate hike but it may take time.
October 06, 2023 / 07:03 AM IST
RBI MPC meet live updates: No change since May from RBI
RBI started increasing the policy rate in May 2022 in tranches, in the wake of the Russia-Ukraine war and took it to 6.5 per cent in February this year. Since then, it has kept the rate unchanged in the last three successive bi-monthly monetary policy reviews.
October 06, 2023 / 06:59 AM IST
RBI MPC meet live updates: What could change inflation math
An erratic south-west monsoon and its effect on inflation will be weighing on Mint Street.
Rainfall across India in the June to September period was 94% of long-period average. Overall sowing area was 0.2% higher than a year ago, covering a total of 1,107 lakh hectares as of Sept. 29.
October 06, 2023 / 06:57 AM IST
RBI MPC meet live updates: Inflation forecast may be tweaked
The central bank may revise its FY24 CPI inflation forecast to 5.5–5.7%, from 5.4% now, eyeing some buffer for potential food price shocks in the months ahead
October 06, 2023 / 06:53 AM IST
RBI MPC meet live updates: Inflation at 15-month high
Retail inflation jumped to a 15-month high of 7.44 per cent in July, as prices of vegetables and other food items spiked
October 06, 2023 / 06:49 AM IST
RBI MPC meet live updates: Crisil on policy move
Between the last MPC meeting in August and this time, inflation has gone up, growth remains strong while global factors have turned a little adverse in the sense that the US Federal Reserve is still aggressive in its stance, which has led to hardening of yields. In this situation, the central bank is expected to maintain a status quo on policy rates in the ensuing policy, says Crisil Chief Economist D Joshi
October 06, 2023 / 06:47 AM IST
RBI MPC meet live updates: What RBI did in August
— Kept repo rate unchanged at 6.5% unanimously.
— Standing deposit facility rate, pegged 25 basis points below the repo rate, at 6
— Marginal standing facility rate kept at 6.75%
— Stance on withdrawal of accommodation remained unchanged with a 5:1 majority
October 06, 2023 / 06:44 AM IST
RBI MPC meet live updates: Global factors at play
— Dollar strengthening against rupee, which has fallen nearly 10% between February 2022 and February 2023
— Global growth outlook grim due to monetary tightening
— Germany and France seeing recession
— Slowdown in China, rising crude rate adding to inflation woes
October 06, 2023 / 06:37 AM IST
RBI MPC meet 2023 live: Latha Venkatesh on why RBI will keep liquidity tight
— Threats to inflation not totally conquered
— CPI still a distance from RBI’s 4% target
— RBI needs to keep short term rates higher due to surge in US yields
— Opening of Indian bonds to global investors brings in greater investor scrutiny and market discipline
— Fiscal deficit target not likely to be breached this year
— Growth itself is stronger than anticipated both in India and in the US, indicating high income growth and higher propensity to consume.
October 06, 2023 / 06:32 AM IST
RBI MPC meet 2023 live: Festive boost in sight
Consumers are likely to be emboldened to spend more this festive season, whicg could lead to a surge in demand, particularly benefiting interest rate-sensitive sectors like real estate and auto. “While this stability underscores the central bank’s confidence in the economy, the underlying hawkish stance hints at the RBI’s vigilance against inflation. Thus, while the near-term outlook is optimistic, businesses and investors should stay alert to broader macroeconomic cues and potential policy pivots,” says an economist at Prabhudas Lilladher economist.
October 06, 2023 / 06:27 AM IST
RBI MPC meet 2023 live: No major movement seen in domestic equities
Analysts see no major movement in domestic equities if the RBI goes for status quo as the market has likely priced in another pause. However, rate-sensitive stocks may see positive movement after the MPC outcome.
October 06, 2023 / 06:26 AM IST
RBI MPC meet 2023 live: CareEdge note on growth projections
With prevailing headwinds, CareEdge expects the RBI to retain its growth projections at 6.5 percent for FY24 as the central bank will likely adopt a wait-and-watch approach. “Seeking better visibility on festive demand trends and estimates of kharif production before making any adjustments,” CareEdge said in its note.
October 06, 2023 / 06:24 AM IST
RBI MPC meet 2023 live: What a status quo could mean for markets
Investors should brace for potential volatility, balancing their strategies between growth and inflationary risks. “A discerning focus on resilient sectors will be key in navigating this complex landscape,” an economist at Prabhudas Lilladher told Moneycontrol
October 06, 2023 / 06:23 AM IST
RBI MPC meet 2023 live: What could be top on Guv Shaktikanta Das’ mind
While inflation moderated to 6.83% in August, it’s likely to remain elevated for now as oil prices hover around $90 a barrel, above the RBI’s estimate of $85.
October 06, 2023 / 06:19 AM IST
RBI MPC meet 2023 live: Hawkish stance expected from Mint Street
We expect the Reserve Bank of India to hold rates and maintain a hawkish stance even with upside risks to inflation receding. This would strike the right balance — supporting growth while buffering against risks of additional Federal Reserve hikes and higher oil prices, says Abhishek Gupta, India economist
October 06, 2023 / 06:18 AM IST
RBI MPC meet 2023 live: RBI may focus on liquidity
With rate move on a likely pause, the RBI may shift its focus to liquidity management, with policy makers seeking to keep cash tight in order to control inflation pressures.
October 06, 2023 / 06:17 AM IST
RBI MPC meet 2023 live: Inflation continues to be a pain point
Inflation remains well above the 4% midpoint of the RBI’s target range despite some slowdown recently as food prices eased.
October 06, 2023 / 06:03 AM IST
RBI MPC meet 2023 live: Rate unchanged for 3 straight policy reviews
The RBI started increasing the policy rate in May 2022 in tranches, in the wake of the Russia-Ukraine war and took it to 6.5 per cent in February this year. Since then, it has kept the rate unchanged in the last three successive bi-monthly monetary policy reviews.
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