"It's very unlikely that the conditions over the next six to eight months will warrant another move in monetary policy", said Dean Turner, U.K. economist at UBS Wealth Management.
Accordingly, the RBI hiked the key repo or short-term lending rate by 25 basis points to 6.50 per cent, while the reverse repo rate was adjusted to 6.25 per cent and the bank rate to 6.75 per cent.
RBI also raised the inflation projection to 4.6 per cent in second quarter of fiscal 2019, 4.8 per cent in second half of 2018-19 and 5 per cent in first quarter of 2019-20.
"The MPC reiterates its commitment to achieving the medium-term target for headline inflation of 4 per cent on a durable basis", the RBI said.
Kathleen Brooks said that one of the main things to look for will be the "mechanics of the rate decision", particularly with regard to how the vote goes in terms of who votes for what.
In its accompanying quarterly inflation report, the Bank kept its forecast for growth this year unchanged at 1.4%, but increased the outlook for 2019 to 1.8% from the 1.7% previously predicted.
Given that a rate hike is nearly a foregone conclusion, other parts of the MPC's decisions, and the minutes of the meeting are likely to provide more intrigue.
Ahead of the RBI's monetary policy announcement, the country's largest lender State Bank of India (SBI) had hiked interest rate on fixed deposits by up to 0.1% on select maturities, a move likely to be followed by other banks. For the RBI, inflation is the central concern.
With expectations of a rate hike nearly entirely priced into the market, investors are mostly focused on what message the Monetary Policy Committee sends on Thursday about its intentions for further increases in borrowing costs.
In its meeting, the MPC agreed that the economic dip in the first quarter was temporary, with momentum recovering in Q2.
After delivering the first back-to-back rate increase since it was set up in September 2016, the MPC warned that "rising trade protectionism poses a grave risk to near-term and long-term global growth prospects by adversely impacting investment, disrupting global supply chains and hampering productivity".
"In the MPC's latest expectations, conditioned on the gently rising path of interest rates implied by the market yield curve, United Kingdom demand is expected to grow at around its current pace".
Wraith doesn't believe that such data will stop the Bank of England from hiking rates but believes it should, particularly when considering that this behaviour is going against the bank's own forecasts.
Wednesday's decision is "likely to be a close call, with odds of a hike marginally higher than a pause", said DBS economist Radhika Rao.
RBI had increased rate by 25 bps in the previous policy review after four-and-a-half years.
"The MPC continues to recognise that the economic outlook could be influenced significantly by the response of households, businesses and financial markets to developments related to the process of European Union withdrawal".
Although the labor force participation rate was unchanged at 62.9%, it increased for the prime working-age cohort (25-54 years). The world's largest economy also had a net gain of 157,000 jobs, which is less than the monthly average so far this year.
This wave of tariffs would include a wide range of products, from dog food to furniture, bicycles to beauty products . Visit MarketWatch.com for more information on this news. "He's going to continue to put the pressure on China ".
The pastor denies the charges against him and his defence team argues the case is built on questionable witness statements. Ankara is turning towards China to overcome what Erdogan said were "subjective evaluations" from ratings agencies.
In eastern Europe , Poland was also enduring unusually high temperatures as the hot African air pushed temperatures up to 34C. The day's hottest temperature of 46.8C (116.2F) was recorded at Alvega in the centre of Portugal .
Chelsea have reportedly offered N'Golo Kante a lucrative new contract in hope of convincing him to stay at the club long-term. There is good news and bad news for Everton as they attempt to lure Marcos Rojo to Goodison Park.
We are doing everything in our reach to assist them and their families", Andres Conesa, the chief executive of Aeromexico said. He said he didn't know if it was a lightning bolt or a mechanical problem and that they had just taken off when the plane fell.
"I love everything about football: the friendships, the coaches, the teachers, the challenges, the opportunity to excel". Owens became emotional when talking about his mother, Marilyn Owens Heard, and late grandmother, Alice Black.
US President Donald Trump withdrew from the Iran nuclear deal in May, and Washington now plans to reimpose sanctions on Tehran . Their arrival means Iran Air has received 13 of the 20 it ordered from the French-Italian manufacturer in April 2017.
A 512GB microSD card is seen in the video along with a text which reads, "1 terabyte ready with expandable memory". The video also talks of unlimited storage space and confirms that the phone will come with 1TB microSD slot.
On Tuesday, the company said Apple Services, which includes things like the App Store and Apple Music, saw a 31% jump in revenue. Apple became the first company to ever reach a $1 trillion market cap on Wednesday as its share price soared to $207.39.
Tiger Woods chases 9th win at Firestone Country Club
The 14-time Major champion feels he is in good shape and ready to win again after recovering from a long-term injury. Also playing in the morning session will be Shubhankar Sharma as two Indians will play the event for the first time.
Weld County man hospitalized with West Nile Virus
Seventeen people died due to the Nipah virus in Kerala, out of which 16 cases were confirmed in lab. Carroll said West Nile is elevated in the Lehigh Valley this year, but no records have been broken.