Jerome Powell holds a news conference in Washington. Reuters
The central banks across the world seem to have woken up to the reality of rising inflation, and they are using the one weapon in their hands, the interest rate, to tame inflation. The United Federal Reserve’s Federal Open Market Committee (FOMC)
World share markets edged higher on Thursday after the US Federal Reserve promised to keep its support in place, though another rise in global bond yields and the dollar showed not everyone was convinced.
Reserve Bank of India Governor Shaktikanta Das on Wednesday said that the Monetary Policy Committee (MPC) of the central bank, in an off-cycle meeting, hiked the repo rate by 40 basis points (bps) to 4.40 per cent with immediate effect.
The Federal Reserve has raised interest rates on Wednesday by 75 basis points, taking the interest rate to between 1.5 and 1.75 per cent, which is still quite low. But it is expected that interest rates could be as high as 3.4 per cent by the end of 2022 even as inflation is expected to hover round 5.2 in the year.
An allegation that had pursued Prime Minister Narendra Modi, since his days as Gujarat’s Chief Minister two decades ago, was set at rest at rest by India’s Supreme Court last week.
The initiative taken by the Sharjah Government Communication Award to honour organisations that have taken urgent action to combat climate change
The G-7— a group of the most industrialised and democratic countries, comprising the United States, the United Kingdom, Canada, Germany, Japan and the European Union (EU)