According to online reports, two economists at HSBC Global Research said that following Wednesday's 25 basis points rate cut, Indonesia's central bank may further cut interest rates by 100 basis points in the coming quarters. HSBC expects to cut interest rates by 25 basis points in the third quarter of 2025, 50 basis points in the fourth quarter of 2025, and 25 basis points in the first quarter of 2026, bringing the policy rate to 4.50%. Indonesia's "combination of growth and inflation clearly supports further easing of interest rates at a time when finances may not be able to solve all growth problems." The RBI may need to do some onerous work to support economic growth, which may require the RBI to grant the Indonesian rupiah more freedom than in the past. (Jin Shi)