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.
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The Great Jerome of Washington
Partha Chakraborty- “Do you ever wait for the longest day of the year and then miss it? I always wait for the longest day of the year and then miss it!” Daisy Buchanan in The Great Gatsby. Flapper queen Daisy Buchanan in “The Great Gatsby” never had to worry about inflation. If she did, her […]
U.S. Federal Reserve lowers interest rates by half a percentage point
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.
Global gold markets brace for US elections and fed rate cut, demand in India surges
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.
Federal Reserve keeps interest rates unchanged, hints at September cut
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.
US Federal Reserve keeps interest rates unchanged, projects three cuts in 2024
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.
Federal Reserve keeps interest rates unchanged
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.
Israel-Hamas conflict negatively impacts market confidence
India’s benchmark NSE Nifty index concluded on a downbeat tone on Thursday, following the lead of the global markets, with the majority of sectoral indices also doing so, said Vaibhav Vidwani, Research Analyst, Bonanza Portfolio. “Market confidence has been negatively impacted by the Israel-Hamas conflict, FII outflows, and the poor Q2 earnings of major firms,” he added.
Partha Chakraborty Op-Ed: We are not AAA OK
Partha Chakraborty writes: The Fitch ratings? We did see this coming, I will argue. In these pages we lampooned supply chain debacles that started inflationary pressures, railed against rising deficit and government profligacy predicting they could force a fall from grace for the US dollar, advocated in favor of using debt-ceiling drama as a lever to bring wayward spending down; last week we discussed how the high-minded — and well intentioned — efforts at crafting a US “industrial policy” might not mean that much. Every single driver Fitch mentioned was flagged as a concern, if not a three-alarm-bell issue.
US Federal Reserve hikes interest rates by 25 basis points to fight inflation
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.
96 terrifying hours: Silicon Valley Bank account holders recall their anxiety from March 9-12
indica caught up with a few Silicon Valley Bank account holders who went through the terrifying experience of looking on helplessly as their dreams and aspirations threatened to evaporate along with their capital as the Bay Area bank downed shutters in the second week of March
US regulators shut Signature Bank, 3rd big collapse in a week
Signature Bank, one of the two significant banks for the crypto industry, has also been shut down by the New York regulators — the third US bank failure within a week.
US Fed rate hike will likely impact Indian markets, rupee
The latest hike in interest rates is likely to have a major impact on Indian markets when they will open for trading on Thursday morning.
US Federal Reserve chief: Recession is certainly a possibility
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,” […]
Bitcoin investing looks like a ponzi scheme
Partha Chakraborty- Partha Chakraborty is an Indian-born immigrant; a naturalized US Citizen since 2018. Educated in India and at Cornell University, Partha is currently an entrepreneur in water technologies, Blockchain, and wealth management in the US and in India. The views expressed are his own. What do you call an investment strategy whose marker of […]
Former RBI Governor fears US Fed’s slow tapering may put central bank behind
Raghuram Rajan, the former governor of Reserve Bank of India is one of the leading global critics of the Federal Reserve’s 2013 “taper tantrum” episode.
US Fed keeps interest rates near zero amid inflation
The US Federal Reserve on Wednesday kept its benchmark interest rate unchanged at the record-low level of near zero amid growing concerns over surging inflation and the rapid spread of the Delta variant.
COVID-19: US Federal Reserve cuts interest rate to zero
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 […]
Not launching Libra unless regulators are satisfied: Facebook
IANS- Facebook is not going to launch its digital coin Libra unless regulators are fully satisfied and all necessary approvals are in place. Under Facebook subsidiary Calibra, the social networking giant has planned to introduce a digital wallet for Libra. The wallet will be available on Messenger, WhatsApp and as a standalone app and is […]
Federal Reserve holds interest rates, could raise later
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.
US bails out SVB depositors, says will get all their money back from Monday
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.