RBI decides to stay put in a second consecutive meeting as the Indian economy and financial sector remains resilient. Though RBI courageously preceded Fed by keeping the rates unchanged, it is highly unlikely that it would initiate easing the rate cycle before Fed. Markets relished the surprise pause gaining ~7% post the previous MPC meeting, however, investors seems to be watchful of FOMC meet and are expecting a breather post ten consecutive rate hike meeting. Global investors are already betting that the Fed will be forced to pivot to rate cuts before the year end, thus dancing to the tune of Mr. Bond Market.