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The Reserve Bank of India's easing cycle has a long way to go yet: Bloomberg Economics expects the RBI to reduce the repo rate by another 25 basis points at its June 6 policy review and shift to targeting a surplus in banking system liquidity to counter a slowdown in growth. BE now has a baseline view for the RBI's terminal policy rate to 5.25% -- implying two more cuts after the June move. That means the consensus view will continue to play catch-up with a dovish shift by the RBI.
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