In its October meeting, the RBI left the repo rate unchanged at 6.5% for the tenth consecutive meeting. However, it changed the policy stance from “withdrawal of accommodation” to “neutral”, considering a well-balanced inflation-growth dynamic. It stated that it now has greater confidence in navigating the last mile of disinflation while remaining cautious about potential risks from geopolitical tensions and market volatility. Assuming no major surprises in geopolitical developments and domestic food inflation, we continue to anticipate the first rate cut by the RBI at the December policy meeting.