Question
Which of the following statements is/are correct
regarding the RBI's policy stance and recent economic predictions? 1. State Bank of India's economic research department predicts the RBI will revisit its "withdrawal of accommodation" policy stance around September 2024. 2. June 2024 U.S. inflation declined by 0.1% (month-on-month), putting the 12-month rate at 3%, potentially leading to a Fed rate cut by September. 3. At the June 5-7, 2024 MPC meeting, members Ashima Goyal and Jayant Varma successfully argued for a 25 basis points repo rate cut, bringing the rate to 6.25%.Solution
Statement 1 is correct because it accurately reflects the prediction made by the State Bank of India's economic research department regarding the RBI's policy stance. Statement 2 is correct because it details the actual decline in U.S. inflation and the potential impact on Fed rate decisions. Statement 3 is incorrect because although members Ashima Goyal and Jayant Varma argued for a 25 basis points repo rate cut, they were outvoted, and the rate remained at 6.5%.
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