RBI MPC Meet 2024 October: All eyes will now be shifted on the next RBI’s Monetary Policy Meeting next month following the rate cut announcement by the Fed by half a point on September 18. RBI’s MPC will meeting next month to decide on the benchmark repo rate, which has been kept unchanged at 6.50% for a long time.
During the last RBI’s MPC meeting, the committee decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth.
There are high expectations of possible rate cut as India’s inflation is slowing down and now has reached below the RBI’s 4% target. India’s inflation stood at 3.65% in August 2024, the second consecutive month below 4%.
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RBI’s next MPC meeting date 2024
According to RBI calendar for MPC meeting, the next meeting of Reserve Bank of India’s Monetary Policy Committee is scheduled to be held between October 7, 2024 – October 9, 2024.
The last RBI’s MPC meeting took place between August 06, 2024 to August 08, 2024. In the meeting, MPC decided to keep the policy repo rate unchanged at 6.50 per cent.
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Fed lowers overnight borrowing rate by 50 bps
At the conclusion of September meeting of the Federal Open Market Committee (FOMC) held between September 17-18, FOMC lowered its kye overnight borrowing rate by half percentage point or 50 basis points. It was the first rate cut by Fed in the four years since March 2021. The decision came on the back of softening of inflation and unemployment.
The last time the FOMC cut rate by half a point happened in 2008 during the global financial crisis, except the emergency rate reductions during Covid.
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“Recent indicators suggest that economic activity has continued to expand at a solid pace. Job gains have slowed, and the unemployment rate has moved up but remains low. Inflation has made further progress toward the Committee’s 2 percent objective but remains somewhat elevated,” FOMC said in a press statement.
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