While keeping rates on hold, MPC members voiced their concerns on upside risks to inflation. The persistent undershoot of actual inflation prints versus RBI's forecasts seems to have made MPC members evaluate the impact of MSP hikes and imported inflation on actual prints. On the growth front, MPC members remained buoyant even as Q1FY20 estimate has been revised marginally lower. We believe global and domestic financial volatility raises downside risks to growth and upside risks to inflation. RBI may have to balance the risks which may call for 50bps rate hike once inflation picks up....