'Growth', guv's tie colour likely to signal rate moves: SBI's report

SBI explores correlations between policy language and RBI Governor's tie colours, suggesting subtle textual and visual cues may foreshadow monetary policy changes

Certain words in the Governor’s speech may reflect a realignment in the policy priorities of the Reserve Bank of India (RBI), according to a report by the State Bank of India (SBI).

 

The word “growth” was mentioned 24 times in the June 2025 policy statement, according to the report called ‘The Monetary Multiverse’. SBI said the report’s analysis should be taken “on a lighter note”.

 

The change in language was followed by a 50 basis point policy rate cut.

 

According to the report, patterns in word frequency can serve as early indicators of changing monetary policy stance. When words like