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February MPC Decision: A refraining act


In the February MPC policy, both repo rate and stance have been left unchanged. RBI sounded cautious and reiterated its focus on inflation targeting. Also, RBI clarified that stance need to be seen in the light of incomplete transmission of rate increase and inflation ruling above 4% mark. With falling inflation, the real rate of interest has headed higher (both in US and domestically), and any pivot will now depend on Central Banks' assessment of the required real rate of interest. 

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