A dovish RBI stance could lower bond yields and swap rates even without a rate cut, say treasury officials.

• Experts expect the RBI to hold rates but adopt a softer tone, boosting long-term market sentiment and easing pressure on yields.
• June's hawkish rate cut raised yields; a pause now may prove more effective in supporting economic conditions.
• Analysts see room for inflation forecast cuts, with external risks like U.S. tariffs increasing calls for further easing.