欧洲央行管委斯图纳拉斯：经济增长面临下行风险。 ...

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].

印度央行行长：经济增长仍低于我们的预期，刺激经济增长至关重要。 ...

印度央行行长：为支持经济增长，提前实施降息被认为是必要的措施。 ...

Core Insights - The impact of tariffs on economic growth and employment remains unclear, indicating a need for further analysis on this issue [1] - Price increases driven by tariffs will take time to fully manifest, suggesting a delayed effect on the economy [1]

美联储理事库格勒：多数美联储官员担心通胀而非经济增长。 ...

Group 1 - The core viewpoint is that the Federal Reserve should maintain its current stance due to tariff factors, with most officials more concerned about inflation than economic growth [1]

欧洲央行行长拉加德：欧洲央行几乎一致通过了这一决定。 一名委员会成员不支持决定。 不排除进一步上修经济增长。 所有迹象表明通胀率将稳定在2%。 完全决心完成欧洲央行行长任期。 ...

Group 1 - The European Central Bank's inflation target will remain stable at 2% [1] - Labor costs are gradually slowing down [1] - Economic growth risks are skewed to the downside [1] Group 2 - Trade tensions may reduce economic growth [1] - Most long-term inflation expectations are around 2% [1] - The inflation outlook is more uncertain than in the past [1]

欧洲央行行长拉加德：贸易紧张局势可能会降低经济增长。 ...