India Apr MPC unanimously cuts repo, moves to accommodative stance as focus shifts on supporting growth Overview and market reaction: The Monetary policy committee unanimously voted to cut policy rates by 25 bps and shifted the policy stance to accommodative. India sovereign bond yields were volatile ahead of the MPC meeting outcome but stabilized after the MPC shifted to an accommodative stance – in sync with bond market expectations. Yields fell early in the afternoon on governor’s commentary around central bank’s concern on growth than inflation (during the post policy conference). The INR depreciated to 86.57 levels (broadly in line with weakness in CNH).
