The U.S. central bank on Wednesday announced a half percentage point cut in the interest rate, the first reduction in four years. It comes down from 5.35% to between 4.75% and 5%.
“Recent indicators suggest that economic activity has continued to expand at a solid pace,” the Federal Reserve said in a statement.
The US Federal Reserve has left interest rates unchanged at a 22-year high of 5.25% to 5.5%, as inflation continues to cool, hinting that a rate cut might come as soon as September.
“Inflation has eased over the past year but remains somewhat elevated. In recent months, there has been some further progress toward the Committee’s 2 per cent inflation objective,” the Federal Open Market Committee (FOMC), the Fed’s policy-setting body, said Wednesday, July 31, in a statement after a two-day policy meeting.
Mary C. Daly, President and CEO of the Federal Reserve Bank of San Francisco, is set to deliver a speech on monetary policy and the economy at an upcoming event organized by the San Francisco Press Club and the Federal Reserve Bank of San Francisco.
The event, scheduled for June 24 at The Commonwealth Club World Affairs of California, will feature a Q&A session moderated by CNBC “TechCheck” anchor Deirdre Bosa.
The US Federal Reserve left interest rates unchanged on Wednesday and forecasted that borrowing costs will come down somewhat by the end of the year as inflation eases. The Fed officials, in their March policy decision, held interest rates steady at 5.3 per cent, where they have been set since July 2023.
US Federal Reserve Chair Jerome Powell has reiterated that the central bank is not ready to start cutting interest rates, noting that he needs to see a little bit more data before taking any action. “If the economy evolves broadly as expected, it will likely be appropriate to begin dialling back policy restraint at some point this year,” Powell said in prepared remarks for a congressional hearing before the House Financial Services Committee.
The Federal Reserve in its January 31 meeting voted to leave the key interest rate unchanged at 5.25-5.50 per cent, keeping the policy rate unchanged for the fourth straight time. The Monetary Policy Committee (MPC) in its statement said that the recent indicators suggested that economic activity has been expanding at a solid pace. Job gains have moderated since early last year but remained strong, and the unemployment rate remained low. Inflation has eased over the past year but remains elevated.
The US Federal Reserve on Wednesday left interest rates unchanged for the second consecutive time in its two-year fight against inflation but left room for a hike if needed later in the year. The rates will hold in the 5.25 per cent and 5.5 per cent range as a result of hikes that started in March 2022 in an attempt to bring inflation down to below the acceptable rate of 2 per cent.
The US Federal Reserve on Wednesday raised its benchmark interest rates by 25 basis points to the range of 5.25 to 5.5%, the highest level in over two decades, as it continues to ramp up its fight against inflation.
The US Federal Reserve on Wednesday raised interest rate by 25 basis points, which is modest compared to previous hikes aimed at curbing inflation but came amidst uncertainty about the banking system that has taken a hit in the last few weeks triggering fears of a larger problem.
The Federal Reserve Bank of New York has appointed Indian-origin insurance veteran Sushmita Shukla as First Vice President and Chief Operating Officer.
iNDICA NEWS BUREAU- U.S. Federal Reserve Chair Jerome Powell said that the central bank is trying to bring inflation down without inflicting too much damage, but the Fed’s aggressive rate hikes could tip the American economy into recession. “We are strongly committed to bringing inflation back down, and we are moving expeditiously to do so,” […]
iNDICA NEWS BUREAU- An Indian-American veteran in the field of financial services industry has been named as the First Vice President and Chief Operating Officer (COO) of the Federal Reserve Bank of New York. Naureen Hassan, a 25-year veteran, will be the first vice president, and also the second-highest-ranking officer at the New York Fed, […]
iNDICA NEWS BUREAU- A prominent Indian-American executive of a multinational chemical company has been appointed by the Federal Reserve Bank of Dallas to its Houston branch’s board of directors. Bhavesh ‘Bob’ V Patel, 53, CEO of Houston-based LyondellBasell, one of the largest plastics, chemicals, and refining companies, will be serving as a board of directors […]
Arul Louis- The Federal Reserve has taken the extraordinary action of slashing the interest rate effectively to zero in emergency action to prop up the US economy battered by the coronavirus crisis and facing the risk of a recession. Federal Reserve Chairman Jerome Powell said on Sunday evening that the rate cut and other actions […]
IANS- In a thumbs-up to the Indian government’s Unified Payments Interface (UPI) scheme, Google has written to the US Federal Reserve Board detailing the successful example of UPI-based digital payment in India to build “FedNow” — a new interbank real-time gross-settlement service (RTGS) for faster digital payments in the US. In a letter written by […]
Attorney Arun Subramanian became the first Indian American to become the Judge of the Manhattan Federal District Court of New York. Taking to Twitter, the Senate Judiciary Committee said that Subramanian has been directly engaged in every aspect of civil litigation and has clerked at every level of the federal judiciary.
indics News Bureau- A federal court has upheld the use of race-based affirmative action in Harvard’s admissions policy, saying that trying to ensure diversity at the Ivy League university is not discriminatory to Asian American applicants. The case, which drew much media and public attention, was brought by a long-standing critic of affirmative action […]
Global markets are bracing for potential economic turbulence, with the upcoming US elections and possible interest rate cuts by the Federal Reserve, the outlook for gold has become increasingly uncertain, says the World Gold Council.
Inflation in July dropped to the lowest point in the last three years in the US, according to data released Wednesday, August 14, setting up a likely rate cut by the Federal Reserve next month.
Data from the US Bureau of Labor Statistics showed the annual inflation rate in July hit 2.9%, going under 3% for the first time since March 2021.
Dr Rajiv Shah, the Indian-American president of Rockefeller Foundation, has been named to the Board of Directors of the Federal Reserve Bank of New York.
The Board of Governors of the Federal Reserve System appointed Shah as a Class C director for a three-year term ending December 31, 2026.
Here’s wishing everyone a very Happy New Year. We hope that 2024 brings all of you joy, peace, good health and all your desires.
The year began with almost everyone predicting a recession. The Federal Reserve kept raising interest rates at regular intervals. Nobody thought that 2023 would be a blockbuster year for stocks. The S&P 500 finished the year up 24% and the DJIA advanced 14% to top 37000 for the first time. In fact, the final days of 2023 saw seven record closes for the index. The Nasdaq composite soared 43%, its best year in over two decades – thanks to the mania surrounding Artificial Intelligence (more on this later).
Consumer sentiment index in the US soared 14 per cent in December – even better than the earlier estimate a couple weeks ago – as consumers reacted to the latest data on inflation that shows it making substantial progress toward the Federal Reserve’s 2 per cent annual target, media reports said.
In light of the sudden collapse of Silicon Valley Bank (SVB), Dr. Mukesh Aghi, President and CEO of the US-India Strategic Partnership Forum’s Startup Connect Program said he wants to call on the Federal Reserve and the U.S. Treasury Department to consider an orderly resolution that fully preserves the insured and uninsured deposits.
The US Treasury, Federal Reserve Board, and the Financial Deposit Insurance Corporation on Sunday announced that depositors of the failed Silicon Valley Bank will have access to all of their money starting from today, March 13.
Indian American banker, economist and politician Neel Kashkari, president of the Minneapolis Federal Reserve, believes inflation, currently at a four-decade high in the United States, will slow down rapidly later this year.
