According to Jinshi Data, Robert Carnell, an analyst at ING, said that the Central Bank of the Philippines' choice to cut interest rates was a bold decision because it is now one of the few central banks in Asia that has started to cut interest rates before the Federal Reserve. The Central Bank of the Philippines had hinted that it would cut interest rates in August, but the recent surge in inflation has cast doubt on this statement. Its peer, the Reserve Bank of India, chose to keep interest rates unchanged last week. Carnell said that the recent market turmoil could be an excuse for the Central Bank of the Philippines not to act, but the relative calm after the rate cut suggests that other central banks in the Asia-Pacific region are more likely to follow suit. The move by the Central Bank of the Philippines, coupled with the recent weakness of the US dollar, may give the Bank of Indonesia more courage to ease monetary policy next week.