The Reserve Bank of India (RBI), too, left the benchmark repo rate unchanged at 6.5 per cent and kept the policy stance unaltered on Thursday.
Shallow rate cut likely
The US Fed appears to be considering adjusting rates downwards in response to lower inflation expectations, easier labour market conditions, and a slowing economy.
"However, inflation is higher than target levels and equities are hovering around all-time high levels. The US Fed is unlikely to embark on a serious rate cutting cycle unless the economy falls off the cliff," says Sandeep Bagla, chief executive officer (CEO), TRUST Mutual Fund. The labour market data released last Friday (August 2) in the US was much weaker than expected. This has raised concerns of a rapid slowdown in the US. The markets have started pricing in accelerated rate cuts by the Fed for this year.
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