Why shift to a neutral stance when inflation is expected to remain elevated?
Das: We have to be very careful because there is every chance that inflation will simply bolt again. We have to hold it on a tight leash and have greater confidence and alignment of inflation with the target. In the near term, inflation is remaining high, but thereafter there is moderation going into the third quarter. We now have greater confidence that inflation is moderating, but we are acutely aware that there are significant risks. So, the MPC considered it appropriate, the timing is appropriate to shift the stance to neutral.
Is this a pivot?
Das: Whether this is a pivot is for you to determine. A neutral stance provides us with flexibility to make decisions.
How does this relate to previous pauses in rate hikes?
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