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INSIGHTS THAT MATTER

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Monetary Policy Update

Published Feb 7, 2018

Repo Rate and Policy Tone Maintained at 6% and Neutral Respectively The Reserve Bank of India today decided to keep the policy repo rate unchanged at 6% in a 5-to-1 vote. Dr. Michael Patra voted for a 25bps hike. The MPC maintained its neutral stance on monetary policy and commitment to achieving a medium-term target…

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The Allure of Safety & Perceived Danger of Risk

Published Feb 5, 2018

“The allure of safety is more perilous than the perceived danger of risk” – anonymous Fear Makes a Comeback… Fear returned to the markets last week. This wasn’t a domestic sell-off. The action in the stock markets, the action in the currency, and the overnight action in the U.S. (S&P 500 -2%), suggests that this…

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Union Budget FY18-19

Published Feb 1, 2018

Macro Takeaways on the Budget A Rural Focused Yet Minimally-Populist Budget We would rate this budget as generally along expected lines. The emphasis was expected to be on agriculture and rural and that, in fact, turned out to be the core focus of the budget. One of the fears market participants had going into the…

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The Illusion of Attention

Published Jan 22, 2018

“The biggest mistake is being fearful of making a mistake” – anonymous In a test, students are asked to identify players playing basketball in white shirts. In the midst of the video, a student dressed as a gorilla walks onto the court pounds his chest and walks off. At the end of the test, half…

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