That’s not just confusing. It’s contradictory. SBI Capital Markets’ chief economist, Soumya Kanti Ghosh; yes, the same guy advising the PM’s economic council; called it out straight: The central bank is sending mixed signals. On one hand, Governor Sanjay Malhotra says: "We’re tightening liquidity to control inflation." On the other, the RBI floods markets with cash via repo auctions. Why? Ghosh hints it’s because geopolitical risks and external stability are secretly the real priorities; even if inflation is the public talking point. What’s the bottom line? If you’re an investor, trader, or even planning to take a loan or invest in bonds; watch this. The RBI might be adjusting its stance silently. "Calibrated tightening" could now mean "mildly calibrated tightening"; or worse, "calibrated confusion." Markets don’t like uncertainty. And right now, the central bank’s actions are louder than its words.