While markets may reflect slight disappointment at key rates as also the stance of policy remaining unchanged, that was the consensus expectation as well. The recent indication of easing in global markets had risen to hopes of a somewhat dovish guidance, however, MPC remained focussed on headline inflation, perhaps guided by a steep increase in projection for Q2FY25 from 3.8% earlier to 4.4% and considering that food & vegetable prices have not cooled enough as expected. However, the outlook remains promising with robust growth, moderating inflation, improving liquidity, and easing financial conditions in global markets. As such, bond yields remained largely unchanged with some volatility. The same trend is expected in near term with markets trading in a narrow range.