There is going to be no rate cut this year. "We think food inflation expectations will rise over the next several months, core inflation will turn by yea-end into early 2016, so we think that the best of monetary accommodation is over," says Sailesh Jha, Chief Asia Economist, Credit Suisse PBWM
Prabhat Awasthi, head of equity research and managing director, India, Nomura Financial Advisory & Securities doesn't expect a rate hike but thinks monetary accommodation will continue to come down as US economy improves.