降息50个基点

Core Viewpoint - The Reserve Bank of India (RBI) unexpectedly cut the key repo rate by 50 basis points, exceeding expectations, while also significantly reducing the cash reserve ratio to support economic growth amid moderate inflation [3][4]. Monetary Policy Changes - The RBI lowered the key repo rate to 5.5%, marking the third consecutive rate cut and a total reduction of 100 basis points since 2025 [3]. - The cash reserve ratio was reduced from 4% to 3%, releasing approximately ₹2.5 trillion (around $29.1 billion) in liquidity by the end of November 2025 [3][4]. Economic Context - India's economic growth slowed to 6.5% for the fiscal year ending in March, increasing pressure on policymakers to stimulate growth [4]. - The RBI's shift in monetary policy stance from "accommodative" to "neutral" reflects a response to the current economic environment and inflation trends [3][4]. Inflation and Economic Outlook - Consumer price inflation has remained below the RBI's target of 4% for the past three months, allowing the central bank to focus on boosting domestic demand [4]. - The RBI maintains its economic growth forecast for the new fiscal year at 6.5% but has lowered its inflation forecast from 4% to 3.7% [5]. Market Reactions - Following the announcement, the Indian bond market experienced volatility, with the 10-year benchmark government bond yield falling by 4 basis points to 6.21% [3]. - The Indian rupee depreciated by 0.1%, while the stock market recovered after an initial decline [3].