Tag - US economy

Fed open to rate cuts if it’s clear inflation is easing further


New York: Federal Reserve Bank of Cleveland President Loretta Mester said that if the U.S. economy performs as she expects it could open the door to rate cuts, but she’s not ready yet to offer any timing for easier policy amid ongoing inflation uncertainty. “Monetary policy is in a good place from which to assess...

Funding bill aims to avert US government shutdown


Washington: The US Senate has introduced a short-term funding bill to avert a partial government shutdown that can result in thousands of federal workers losing jobs.  The bill would keep the government running till November 17 and give Congress more time to agree on a way out of the crisis. The bipartisan short-term bill was endorsed...

US economy near stalling point as consumer demand weakens


New York: U.S. business activity approached the stagnation point in August, with growth at its weakest since February as demand for new business in the vast service sector contracted, Reuters reported. S&P Global said its flash U.S. Composite PMI index, which tracks manufacturing and service sectors, fell to a reading of 50.4 in August from...

Weakening of dollar index aiding FII inflows


New York: The US Dollar Index (DXY) has slipped below $100 for the first time after April 2022. When the Dollar Index falls, the Indian rupee appreciates and the dollar weakens, which is leading to increase in fund flows from FIIs and FPIs, SBI Securities said in a report. The heavy inflow helps the market...

Nobel economist Paul Krugman defends ‘Bidenomics’


New York: Paul Krugman has defended President Joe Biden's economic track record, pointing out that inflation has fallen more quickly in the US than in other countries. "A while back, some economists were using higher US inflation to argue that Bidenomics, especially the American Rescue Plan, was the major culprit in inflation," the Nobel Prize-winning...

India, United States and the World Economy


What’s old, what’s new and what’s next? By Rajesh Mehta & Shanayaa Saumya Suneja Global economic stability for the year 2023, after being exposed to consecutive catastrophes year-on-year, looks bleak at best. The COVID pandemic, followed by Russia's invasion of Ukraine in 2022, and now, the onset of a banking crisis in 2023, accompanied by rampant tech...

US stocks up as markets digest UBS takeover of Credit Suisse


New York: US stocks rose this week as investors digested UBS's takeover of embattled Swiss lender Credit Suisse, according to a media report. UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.25 billion), which is about 60 per cent less than what the bank was worth at Friday's market close, CNN reported....

US stocks, Treasuries dip as inflation worries outweigh China rebound


New York: Wall Street stocks and Treasury prices declined this week as China's manufacturing activity rebounded to push Asian shares higher, but stronger-than-expected inflation numbers in Europe battered government bonds, Reuters reported. China's official manufacturing purchasing managers' index (PMI) rose to 52.6 last month from 50.1 in January and was well ahead of an analyst...

Fed’s Evans is worried over continuous interest rate hikes


New York: Chicago Federal Reserve President Charles Evans says he’s feeling apprehensive about the U.S. central bank raising interest rates too quickly in its quest to tackle runaway inflation. Speaking to CNBC’s “Squawk Box Europe”, Evans said he remains “cautiously optimistic” that the U.S. economy can avoid a recession — provided there are no further...