End of the cycle?

.....The question that obviously arises is: what next? Over the past three years, the monetary policy cycle has witnessed pauses on two occasions. In December 2010, the RBI paused before resuming its tightening cycle in January 2011. Subsequently, after having surprised observers with a reduction of 50 basis points in the repo rate in April 2012, there was a relatively long pause until January 2013, when the rate reductions resumed. Going by these two precedents, yesterday's pause does not in and of itself signal that the rate cutting cycle has ended; .............

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