Contributing writer
Writes about the distance between what a central bank says and what it is understood to have said.
A variable rate reverse repo auction on 22 September takes one-day money off the table, reversing the next morning — the routine instrument that says how India reads its own liquidity.
The statement of 16 September puts the federal funds target range a quarter point higher, describes activity as expanding at a solid pace, and keeps the ample-reserves framework unchanged.
A market notice on 21 September runs under the framework set a year ago: two benchmark issues a year, professionals only, and reserves that are the Bank's own rather than the Treasury's.