Axis Mutual Fund's Co-Head of Fixed Income, Devang Shah, believes that the interest rate cycle has peaked in India and the global data indicates that rates will either remain stable or move in a downward trajectory, leading to a recommendation for clients to invest in money market category and active short to medium-term funds. Shah believes that while the interest rate cycle will begin to trend downwards, because of sticky inflation in India, massive rate cuts are unlikely in the short term, with RBI likely to cut between 25 to 50 basis points at the end of the financial year.