Nobody is speaking about rate cuts anymore. Barely two weeks after the Reserve Bank of India (RBI) cut its policy rate by 25 basis points (bps), most money market participants are ruling out a rate cut anytime soon. Even debt mutual fund managers point to the minutes of the recent MPC (Monetary Policy Committee) meet which highlighted many factors --the slowing growth, threat of inflation, fears over price pressures, the state of the banking industry - that can mar the prospects of future rate cut.