The RBI kicked off its tightening cycle this week with a 25bp hike to the repo rate (to 5.50%) and Governor Sanjay Malhotra's worries about a "generalisation of inflation" suggest to us that further hikes will follow in December and February. Meanwhile, the US Green Card sponsorship freeze on India's major IT firms will have a limited macro impact but it does send another worrying signal about prospects for high-skilled Indian workers in the US.
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