The Reserve Bank of India’s (RBI’s) mid-year review on October 30 was an anticlimax. But not because it kept the policy rate unchanged at eight per cent — that is its prerogative based on the assessment of the macro trends. The policy was an anticlimax because it was contradictory and confuses more than it clarifies. Indeed, it is the latest evidence that confirms that the central bank’s walk has not been following its hawkish talk, and that a stealth easing has already been in place.