The trajectory and magnitude of the rate tightening cycle will be dependent on forthcoming growth-inflation data and expectations, RBI Governor Sanjay Malhotra stated while endorsing a 25 basis points increase in the benchmark rate during the policy meeting earlier this month. The Reserve Bank on Wednesday published the minutes of the Monetary Policy Committee (MPC) meeting conducted from October 5-7. The MPC reached a unanimous decision to raise the policy repo rate by 25 basis points to 5.50 per cent. The MPC also resolved to shift the stance to calibrated tightening, indicating that prospective policy action will be limited to rate increases or a pause, contingent on evolving conditions and the outlook, effectively ruling out near-term rate reductions.