The Federal Reserve raised interest rates by three-quarters of a percentage point again on Wednesday and said its battle against inflation will require borrowing costs to rise further, yet signaled it may be nearing an inflection point in what has become the swiftest tightening of U.S. monetary policy in 40 years.

WION Business News | US Fed hikes interest rates by 0.75%

Bank of England (BoE) raised interest rates on Thursday (November 3), the most since 1989, to counteract the sky-high inflation. According to BoE, inflation is driving Britain into a recession that will endure until mid-2024.&nbsp;

The BoE announced after a meeting that it was raising borrowing costs by 0.75 percentage points to three per cent, the highest level since the global financial crisis of 2008. The decision to an interest rate hike is taken to curb UK inflation, which it predicts will soon reach a four-decade high of close to 11 per cent.&nbsp;

BoE governor Andrew Bailey told a press conference: "It is a tough road ahead. The sharp increase in energy prices caused by Russia's invasion of Ukraine has made us poorer as a nation. The level of economic activity is likely to be flat and even fall for some time."&nbsp;

With rising food and energy prices, the most recent rate increase is a reflection of aggressive rate tightening by central banks around the world. The US Federal Reserve abruptly raised interest rates by 0.75 percentage points on Wednesday, and its chairman, Jerome Powell, hinted that rates will rise more than anticipated.&nbsp;

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WATCH |&nbsp;US Fed hikes interest rates by 0.75%&nbsp;

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The BoE predicted that British inflation would reach a top of 10.9 percent this year, but because the rate is so high, analysts believe it may reach as high as five percent in the near future.&nbsp;

Millions of Britons are expected to experience a worsening cost-of-living problem as a result of the BoE rate increase, as increases by central banks cause retail lenders to raise interest rates on their own loans.&nbsp;

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Bailey also agreed to it as he said that these are "big changes" and they have a real impact on people's lives. He said they are increasing bank rate at the time when so many people are already struggling with higher energy and food prices and other bills, because inflation is too high and it is the bank's job to "bring it down".&nbsp;

Meanwhile, Craig Erlam, an analyst at trading platform OANDA, said: "The central bank has had the unenviable job of fighting soaring inflation amid enormous economic and political uncertainty."&nbsp;

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Bank of England (BoE) raised interest rates on Thursday (November 3), the most since 1989, to counteract the sky-high inflation. According to BoE, inflation is driving Britain into a recession that will endure until mid-2024.

Bank of England (BoE) raised interest rates on Thursday (November 3), the most since 1989, to counteract the sky-high inflation. According to BoE, inflation is driving Britain into a recession that will endure until mid-2024. The BoE announced after a meeting that it was raising borrowing costs by 0.75 percentage points to three per cent, the highest level since the global financial crisis of 2008. The decision to an interest rate hike is taken to curb UK inflation, which it predicts will soon reach a four-decade high of close to 11 per cent. BoE governor Andrew Bailey told a press conference: "It is a tough road ahead. The sharp increase in energy prices caused by Russia's invasion of Ukraine has made us poorer as a nation. The level of economic activity is likely to be flat and even fall for some time." With rising food and energy prices, the most recent rate increase is a reflection of aggressive rate tightening by central banks around the world. The US Federal Reserve abruptly raised interest rates by 0.75 percentage points on Wednesday, and its chairman, Jerome Powell, hinted that rates will rise more than anticipated. ALSO READ | UK climate minister Stuart concedes language used by Braverman 'unfortunate' WATCH | US Fed hikes interest rates by 0.75% × The BoE predicted that British inflation would reach a top of 10.9 percent this year, but because the rate is so high, analysts believe it may reach as high as five percent in the near future. Millions of Britons are expected to experience a worsening cost-of-living problem as a result of the BoE rate increase, as increases by central banks cause retail lenders to raise interest rates on their own loans. ALSO READ | Liz Truss effigy to go up in flames in Britain’s annual bonfire celebrations Bailey also agreed to it as he said that these are "big changes" and they have a real impact on people's lives. He said they are increasing bank rate at the time when so many people are already struggling with higher energy and food prices and other bills, because inflation is too high and it is the bank's job to "bring it down". Meanwhile, Craig Erlam, an analyst at trading platform OANDA, said: "The central bank has had the unenviable job of fighting soaring inflation amid enormous economic and political uncertainty." WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Amid cost-of-living crisis, Bank of England hikes interest rates and warns UK faces two-year recession

Switzerland exited the era of negative interest rates when its central bank joined others around the world in tightening monetary policy more aggressively to combat resurgent inflation.

World Business Watch: Swiss National Bank exits negative rates era with 0.75% hike

The Bank of England raised its key interest rate to 2.25% from 1.75% and said it would continue to "respond forcefully, as necessary" to inflation, despite the country entering recession.

Bank of England raises interest rate to 2.25% from 1.75% , in seventh consecutive hike

US Fed Chair Jerome Powell's speech at the Federal Reserve's annual forum has sent jitters to markets causing a crash. His announcement that interest rates would continue to rise and stay high cost America's richest people to lose close to 78 billion dollars.

US Fed Chief's speech causes market to crash

Central banks around the world are raising interest rates to tame the price rise. European Central Bank has hiked interest rates recently but what is the ground situation on inflation front ?

European Central Bank surprised markets with price  hike

Why do central banks raise interest rates to curb inflation? What is the rationale behind this move? Molly Gambhir explains.

WION Fineprint: Why do central banks raise interest rates to curb inflation?

As the World battles record inflation, Bank of Canada has surprised everyone with a full percentage increase in its policy rates. t's a super-sized hike which was last seen in 1998.

Bank of Canada surprises with 1% rate hike

Speculations solidify that the U.S. central bank will increase interest rates once again. But how does this impact you?

The Full Context: How will US interest rate hike affect you

The Federal Reserve announced a 75 basis point interest rate hike, their highest since 1994. How did markets react to this announcement? Will it be enough to tackle inflation and prevent a recession? Palki Sharma tells you.

Gravitas: US Fed announces highest interest hike since 1994

For the third time this year, the Federal reserve has raised interest rates and this time by three-quarters of a percent. With this the stakes for the US economy and American consumers are high, Federal Reserve chairman Jerome Powell made the announcement on Wednesday where he reiterated that they are committed to bringing inflation down.

United States: Federal Reserve raises benchmark rates, most aggressive hike since 1994

Bank of England will raise interest rates again as UK inflation heads for double digits. While UK forecast to be the weakest economy in 2023 among the rich nations, investors predict a quarter-point rate hike by the Bank.

Bank of England to raise interest rates as UK inflation heads for 10%

The bank of England looks poised now to raise interest rates today for the fourth time since December, it's the fastest increase in borrowing costs in a quarter of a century as it tries to quell the danger from the leap inflation.

Bank of England set to raise bank rate from 1% to 0.75%

The Reserve Bank of India hiked lending rates to tame inflation after two years of massive public spending. Central banks around the world are doing the same after inflation hit multi-decade highs. Is the pandemic-era spending spree over? Palki Sharma tells you.

Gravitas: India's Central Bank hikes interest rates

Election month is underway in Australia, campaigning is well into its fourth week and the race seems to be very close. The latest decision by Australian Central Bank created on Scott Morrison, it chose an interesting time to raise interest rates for the first time in a decade.

Australian Central Bank raises interest rate, creates pressure on PM Scott Morrison

Australia's central bank raised&nbsp;interest&nbsp;rates&nbsp;for the&nbsp;first&nbsp;time&nbsp;in more than a decade on Tuesday, a pre-election hike designed to tame soaring consumer prices.

The Reserve Bank of&nbsp;Australia&nbsp;raised the main lending rate by 25 basis points to 0.35 percent, the&nbsp;first&nbsp;increase&nbsp;since&nbsp;November&nbsp;2010.&nbsp;

Ending record-low&nbsp;rates, the bank said inflation had "picked up significantly and by more than expected" while signalling that "further increases in&nbsp;interest&nbsp;rates" would come.

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The move plunged the bank into the centre of a fierce political debate about the health of&nbsp;Australia's economy, just weeks before a May 21 election.&nbsp;

Prime Minister Scott Morrison, who is trailing in the polls, said he sympathised with mortgage borrowers who would now face rising costs.

But he insisted&nbsp;Australia&nbsp;is faring better than its peers and that rising inflation is a result of worldwide trends.

Like consumers around the world, Australians have been hit by soaring prices for food and fuel.&nbsp;Australia's annual inflation rate is currently at 5.1 per cent.&nbsp;

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But house prices have been rising for years even as wages have stagnated. Sydney and Melbourne are among the most expensive cities in the world to live.&nbsp;

Morrison pointed to the impact of supply chain constraints caused by the pandemic and a war in Ukraine that has caused "the single largest energy shock we've seen around the world&nbsp;since&nbsp;the 1970s."

The opposition Labor party painted the rate rise as evidence of a weakening economy and the conservative government's economic maladministration.

"If only you could pay your mortgage with Scott Morrison's excuses," said opposition economic spokesman Jim Chalmers.

The rate rise is expected to be the&nbsp;first&nbsp;of several, which could have serious implications for&nbsp;Australia's once-perennially growing economy.

Higher&nbsp;interest&nbsp;rates&nbsp;will spell higher borrowing costs for millions of already heavily indebted Australians, in a country where real estate market speculation is something like a national pastime.

Interest&nbsp;rates&nbsp;of two percent would cost the average homeowner about US$362 a month, according to financial services website RateCity.com.au.

"That's going to be a lot for many borrowers to swallow, particularly anyone already struggling to make the monthly budget add up," said RateCity's Sally Tindall.

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Australia's vast resource wealth has for decades provided insulation from global financial headwinds and underpinned high standards of living.

The country is among the world's largest producers and exporters of iron ore, gas and coal.

But there are growing concerns that the "lucky country's" run of good fortune may be coming to an end.&nbsp;

In early 2020 the economy fell into recession for the&nbsp;first&nbsp;time&nbsp;in almost three decades, largely because of devastating bushfires and the start of the Covid-19 pandemic.&nbsp;

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Climate-fuelled floods, bushfires and droughts are proving increasingly costly.

This year's east coast floods cost an estimated Aus$3.35 billion (US$2.4 billion) in insured losses, making it the costliest flood in&nbsp;Australia's history, according to the Insurance Council of&nbsp;Australia.

Australia's central bank raised interest rates for the first time in more than a decade on Tuesday, a pre-election hike designed to tame soaring consumer prices.

Australia's central bank raised interest rates for the first time in more than a decade on Tuesday, a pre-election hike designed to tame soaring consumer prices. The Reserve Bank of Australia raised the main lending rate by 25 basis points to 0.35 percent, the first increase since November 2010. Ending record-low rates, the bank said inflation had "picked up significantly and by more than expected" while signalling that "further increases in interest rates" would come. Also read | Experts predict tough times for Twitter under Musk The move plunged the bank into the centre of a fierce political debate about the health of Australia's economy, just weeks before a May 21 election. Prime Minister Scott Morrison, who is trailing in the polls, said he sympathised with mortgage borrowers who would now face rising costs. But he insisted Australia is faring better than its peers and that rising inflation is a result of worldwide trends. Like consumers around the world, Australians have been hit by soaring prices for food and fuel. Australia's annual inflation rate is currently at 5.1 per cent. Watch | Tesla CEO Musk seeks to put in less money in Twitter deal financing But house prices have been rising for years even as wages have stagnated. Sydney and Melbourne are among the most expensive cities in the world to live. Morrison pointed to the impact of supply chain constraints caused by the pandemic and a war in Ukraine that has caused "the single largest energy shock we've seen around the world since the 1970s." The opposition Labor party painted the rate rise as evidence of a weakening economy and the conservative government's economic maladministration. "If only you could pay your mortgage with Scott Morrison's excuses," said opposition economic spokesman Jim Chalmers. The rate rise is expected to be the first of several, which could have serious implications for Australia's once-perennially growing economy. Higher interest rates will spell higher borrowing costs for millions of already heavily indebted Australians, in a country where real estate market speculation is something like a national pastime. Interest rates of two percent would cost the average homeowner about US$362 a month, according to financial services website RateCity.com.au. "That's going to be a lot for many borrowers to swallow, particularly anyone already struggling to make the monthly budget add up," said RateCity's Sally Tindall. WATCH WION LIVE HERE: Australia's vast resource wealth has for decades provided insulation from global financial headwinds and underpinned high standards of living. The country is among the world's largest producers and exporters of iron ore, gas and coal. But there are growing concerns that the "lucky country's" run of good fortune may be coming to an end. In early 2020 the economy fell into recession for the first time in almost three decades, largely because of devastating bushfires and the start of the Covid-19 pandemic. Also read | Jeff Bezos loses billions as Amazon shares slump; Wall Street tumbles Climate-fuelled floods, bushfires and droughts are proving increasingly costly. This year's east coast floods cost an estimated Aus$3.35 billion (US$2.4 billion) in insured losses, making it the costliest flood in Australia's history, according to the Insurance Council of Australia.

Australia hikes interest rates for first time since 2010

Sri Lanka has doubled the interest rates to tame inflation. There's an unprecedented 700 basis point hike by the Central bank. The rate for deposits has increased to 13.5%. To get more perspective, watch this report by Dasuni Athauda.

Crisis-hit Sri Lanka doubles interest rates to tame inflation

The Bank of Japan was "ready to cut interest rates in negative areas" as it became the first G7 central bank to follow the Federal Reserve's weekend intervention.

Bank of Japan eases its credit policy to stem economy after Fed reserve slashes interest rates

Emergency action has been taken to support the economy during the Coronavirus epidemic, the Federal Reserve announced on Sunday that it would cut its target interest rate to near zero.

Federal reserve slashes interest rates to zero amid global economy crisis

The Reserve Bank of Australia has cut official interest rates to a new record low of 0.5% due to the “significant effect” of the coronavirus outbreak on the Australian economy and has signalled it is prepared to cut further if needed.

Australia cuts rates to record low amid coronavirus concerns | Covid -19

As divisions grow at the European Central Bank over continued interest rate cuts, at least one indicator appears to side with policymakers who are arguing for tighter monetary policy: household savings rates.

Interest rate doves,&nbsp;policymakers who favour looser monetary policy to keep the economy moving, argue that ever-lower interest rates disincentivise households from saving so that they spend and invest more.

But policymakers and investors alike are beginning to question whether that effect has limits once interest rates go below zero per cent, which may instead create even more anxiety about economic health. Negative rates meanwhile raise costs for European banks, hurting their ability to lend.

As the following graphic shows, household savings rates in the European Union have fallen in tandem with the German 10-year bond yield ever since the ECB cut rates at the height of the sovereign debt crisis. But in the past two years, that trend appears to have broken down, with savings rates moving substantially higher even as long-term borrowing rates plumbed ever-deeper below zero.

In September, the ECB cut its already negative key deposit rate further into sub-zero territory,&nbsp;a move that has laid bare growing divisions and pushback from some policymakers.

Austrian central bank governor Robert Holzmann said on Thursday the ECB should raise interest rates as soon as possible, as negative rates send the wrong signal to savers.

"It's really sending the signal that we've reached the stage where cutting rates further cannot be the solution anymore," said Didier Saint-Georges, managing director at French asset manager Carmignac.

As divisions grow at the European Central Bank over continued interest rate cuts, at least one indicator appears to side with policymakers who are arguing for tighter monetary policy: household savings rates.

As divisions grow at the European Central Bank over continued interest rate cuts, at least one indicator appears to side with policymakers who are arguing for tighter monetary policy: household savings rates. Interest rate doves, policymakers who favour looser monetary policy to keep the economy moving, argue that ever-lower interest rates disincentivise households from saving so that they spend and invest more. But policymakers and investors alike are beginning to question whether that effect has limits once interest rates go below zero per cent, which may instead create even more anxiety about economic health. Negative rates meanwhile raise costs for European banks, hurting their ability to lend. As the following graphic shows, household savings rates in the European Union have fallen in tandem with the German 10-year bond yield ever since the ECB cut rates at the height of the sovereign debt crisis. But in the past two years, that trend appears to have broken down, with savings rates moving substantially higher even as long-term borrowing rates plumbed ever-deeper below zero. In September, the ECB cut its already negative key deposit rate further into sub-zero territory, a move that has laid bare growing divisions and pushback from some policymakers. Austrian central bank governor Robert Holzmann said on Thursday the ECB should raise interest rates as soon as possible, as negative rates send the wrong signal to savers. "It's really sending the signal that we've reached the stage where cutting rates further cannot be the solution anymore," said Didier Saint-Georges, managing director at French asset manager Carmignac.

Rising European savings could undermine case for negative rates

The government has kept the interest rates on small savings schemes, including NSC and PPF, unchanged for the April-June quarter.

Public Provident Fund (PPF) and National Savings Certificate (NSC) will continue to carry an annual interest rate of 8 per cent, while Kisan Vikas Patra (KVP) will give a yield of 7.7 per cent and mature in 112 months.

Interest rates for small savings schemes are notified on a quarterly basis.

"The rates of interest on various small savings schemes for the first quarter of the financial year 2019-20 starting April 1, 2019, and ending on June 30, 2019, shall remain unchanged from those notified for the fourth quarter of the financial year 2018-19," the finance ministry said in a notification issued Friday.

The interest rate for the five-year Senior Citizens Savings Scheme has been retained at 8.7 per cent. The interest on the senior citizens' scheme is paid quarterly. Interest on savings deposits has been retained at 4 per cent annually.

The girl child savings scheme Sukanya Samriddhi Yojana account will offer 8.5 per cent rate during the first quarter of the next fiscal.

Term deposits of 1-5 years will fetch interest rate in the range of 7-7.8 per cent, to be paid quarterly, while the five-year recurring deposit is pegged at 7.3 per cent.&nbsp;

The government has kept the interest rates on small savings schemes, including NSC and PPF, unchanged for the April-June quarter. Public Provident Fund (PPF) and National Savings Certificate (NSC) will continue to carry an annual interest rate of 8 per cent, while Kisan Vikas Patra (KVP) will give a yield of 7.

The government has kept the interest rates on small savings schemes, including NSC and PPF, unchanged for the April-June quarter. Public Provident Fund (PPF) and National Savings Certificate (NSC) will continue to carry an annual interest rate of 8 per cent, while Kisan Vikas Patra (KVP) will give a yield of 7.7 per cent and mature in 112 months. Interest rates for small savings schemes are notified on a quarterly basis. "The rates of interest on various small savings schemes for the first quarter of the financial year 2019-20 starting April 1, 2019, and ending on June 30, 2019, shall remain unchanged from those notified for the fourth quarter of the financial year 2018-19," the finance ministry said in a notification issued Friday. The interest rate for the five-year Senior Citizens Savings Scheme has been retained at 8.7 per cent. The interest on the senior citizens' scheme is paid quarterly. Interest on savings deposits has been retained at 4 per cent annually. The girl child savings scheme Sukanya Samriddhi Yojana account will offer 8.5 per cent rate during the first quarter of the next fiscal. Term deposits of 1-5 years will fetch interest rate in the range of 7-7.8 per cent, to be paid quarterly, while the five-year recurring deposit is pegged at 7.3 per cent.

Small savings schemes: Government keeps interest rates unchanged for April-June quarter

President Donald Trump on Monday renewed his verbal<a href="http://www.wionews.com/world/trump-has-discussed-firing-us-federal-reserve-chairman-powell-report-185879"> assault on the US Federal Reserve</a>, blaming the central bank for mounting fears over the US economy and comparing it to a blundering golfer.

"The only problem our economy has is the Fed," Trump tweeted. "The Fed is like a powerful golfer who can't score because he has no touch - he can't putt!"

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The only problem our economy has is the Fed. They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can’t score because he has no touch - he can’t putt!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1077231267559755776?ref_src=twsrc%5Etfw">December 24, 2018</a></blockquote>
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The Federal Reserve is meant to be independent from the White House but Trump has trampled those barriers in his frustration at what he sees as the bank's poor interest rate policies.

A lifelong real estate developer, Trump has touted the booming US economy as one of his presidency's main achievements.&nbsp;

But the stock market is in steep retreat as investor nerves grow over the fallout from Trump's erratic style and his trade war with China.

Trump said the Fed has no "feel for the Market, they don't understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders."

President Donald Trump on Monday renewed his verbal assault on the US Federal Reserve, blaming the central bank for mounting fears over the US economy and comparing it to a blundering golfer.

President Donald Trump on Monday renewed his verbal assault on the US Federal Reserve, blaming the central bank for mounting fears over the US economy and comparing it to a blundering golfer. "The only problem our economy has is the Fed," Trump tweeted. "The Fed is like a powerful golfer who can't score because he has no touch - he can't putt!" The only problem our economy has is the Fed. They don’t have a feel for the Market, they don’t understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders. The Fed is like a powerful golfer who can’t score because he has no touch - he can’t putt! — Donald J. Trump (@realDonaldTrump) December 24, 2018 × The Federal Reserve is meant to be independent from the White House but Trump has trampled those barriers in his frustration at what he sees as the bank's poor interest rate policies. A lifelong real estate developer, Trump has touted the booming US economy as one of his presidency's main achievements. But the stock market is in steep retreat as investor nerves grow over the fallout from Trump's erratic style and his trade war with China. Trump said the Fed has no "feel for the Market, they don't understand necessary Trade Wars or Strong Dollars or even Democrat Shutdowns over Borders."

Central bank US economy's 'only problem', tweets Trump

US Central Bank hikes key lending interest rates for the fourth time this year

US President Donald Trump again lashed out at the Federal Reserve on Monday for considering raising interest rates, on the eve of a meeting at which policymakers are widely expected to do so.

The latest Twitter outburst renewed the president's rock throwing at the central bank, which he accuses of undermining his economic agenda of tax cuts, slashed regulations and multi-front trade offensives.

Trump has repeatedly broken with the norms respected by US presidents in recent decades, hammering the central bank this year over its move away from the zero interest rate policy implemented during the global financial crisis.

"It is incredible that with a very strong dollar and virtually no inflation, the outside world blowing up around us, Paris is burning and China way down, the Fed is even considering yet another interest rate hike," Trump wrote, in a message sent one hour before stock markets were due to open.

"Take the Victory!"

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It is incredible that with a very strong dollar and virtually no inflation, the outside world blowing up around us, Paris is burning and China way down, the Fed is even considering yet another interest rate hike. Take the Victory!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1074657278974939138?ref_src=twsrc%5Etfw">December 17, 2018</a></blockquote>
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As the US economy has recovered, the Fed has been raising the benchmark lending rate gradually since December 2015.

The Fed on Tuesday opens its final two-day policy meeting of 2018, and is widely expected to raise the key rate for the fourth time this year, working to get ahead of expected gains in inflation.

Trump has called the central bank "crazy," "out of control" and a greater economic threat than China, which the president blames for hollowing out American industry through unfair trade.

But analysts and former Fed members say Trump's unprecedented vitriol could cause the central bank to try to prove its independence by raising rates even if policymakers might otherwise have held off.

Staying out of politics 
Inflation is holding right around the Fed's two percent target but if markets believe the Fed can be swayed by political pressure, inflation fears could ignite and become a more serious problem.

White House trade advisor Peter Navarro on Monday said the bank should avoid this urge.&nbsp;

Current economic policy, such as tax cuts and de-regulation, have produced "supply-side positive shocks" that were holding inflation down, he said, also pointing out that the Fed was winding down a bond-buying stimulus program.

"All of those things have led us to a world where we have zero inflation for all practical purposes," Navarro told CNBC.

"The only argument I'm hearing for the Fed to raise rates is that somehow they have to exert their independence from the White House. Now, this is a bad argument."

Policymakers have offered little reaction to Trump's string of taunts, with Fed Chairman Jerome Powell saying the political noise does not factor into their decisions.&nbsp;

Amid brisk economic expansion after a decade of steady job growth, US unemployment is flirting with a 50-year low but the US economy is expected to slow.

And with global economy also weakening, there is a growing feeling the central bank will not have to raise rates as much as previously expected next year.

Powell and other officials in recent weeks have suggested they could show patience in 2019 as they study incoming economic data.

Futures markets currently put the odds of a rate hike this week at about 80 percent.

Wall Street opened sharply lower following Trump's tweet but had pared much of its losses around 1630 GMT.

US President Donald Trump again lashed out at the Federal Reserve on Monday for considering raising interest rates, on the eve of a meeting at which policymakers are widely expected to do so.

US President Donald Trump again lashed out at the Federal Reserve on Monday for considering raising interest rates, on the eve of a meeting at which policymakers are widely expected to do so. The latest Twitter outburst renewed the president's rock throwing at the central bank, which he accuses of undermining his economic agenda of tax cuts, slashed regulations and multi-front trade offensives. Trump has repeatedly broken with the norms respected by US presidents in recent decades, hammering the central bank this year over its move away from the zero interest rate policy implemented during the global financial crisis. "It is incredible that with a very strong dollar and virtually no inflation, the outside world blowing up around us, Paris is burning and China way down, the Fed is even considering yet another interest rate hike," Trump wrote, in a message sent one hour before stock markets were due to open. "Take the Victory!" It is incredible that with a very strong dollar and virtually no inflation, the outside world blowing up around us, Paris is burning and China way down, the Fed is even considering yet another interest rate hike. Take the Victory! — Donald J. Trump (@realDonaldTrump) December 17, 2018 × As the US economy has recovered, the Fed has been raising the benchmark lending rate gradually since December 2015. The Fed on Tuesday opens its final two-day policy meeting of 2018, and is widely expected to raise the key rate for the fourth time this year, working to get ahead of expected gains in inflation. Trump has called the central bank "crazy," "out of control" and a greater economic threat than China, which the president blames for hollowing out American industry through unfair trade. But analysts and former Fed members say Trump's unprecedented vitriol could cause the central bank to try to prove its independence by raising rates even if policymakers might otherwise have held off. Staying out of politics Inflation is holding right around the Fed's two percent target but if markets believe the Fed can be swayed by political pressure, inflation fears could ignite and become a more serious problem. White House trade advisor Peter Navarro on Monday said the bank should avoid this urge. Current economic policy, such as tax cuts and de-regulation, have produced "supply-side positive shocks" that were holding inflation down, he said, also pointing out that the Fed was winding down a bond-buying stimulus program. "All of those things have led us to a world where we have zero inflation for all practical purposes," Navarro told CNBC. "The only argument I'm hearing for the Fed to raise rates is that somehow they have to exert their independence from the White House. Now, this is a bad argument." Policymakers have offered little reaction to Trump's string of taunts, with Fed Chairman Jerome Powell saying the political noise does not factor into their decisions. Amid brisk economic expansion after a decade of steady job growth, US unemployment is flirting with a 50-year low but the US economy is expected to slow. And with global economy also weakening, there is a growing feeling the central bank will not have to raise rates as much as previously expected next year. Powell and other officials in recent weeks have suggested they could show patience in 2019 as they study incoming economic data. Futures markets currently put the odds of a rate hike this week at about 80 percent. Wall Street opened sharply lower following Trump's tweet but had pared much of its losses around 1630 GMT.

US central bank expected to raise rates Tuesday, Trump lashes out at it

The Reserve Bank of India (RBI) is likely to keep interest rates on hold on Thursday for the fourth meeting in a row but maintain a cautious tone despite a sharper-than-expected pullback in inflation in the last few months.

The Monetary Policy Committee (MPC) is likely to stick with its 'neutral' stance and flag uncertainty over the inflation outlook beyond June due to factors such as oil prices and the government's promise of increasing the minimum purchase price of foodgrains from farmers.

A Reuters poll showed all 61 respondents expected the RBI to keep the repo rate steady at 6 percent, its lowest level since November 2010. A majority of the economists polled expect the RBI to only start raising rates in early 2019.

"We expect the policy guidance and tone to be balanced and similar to that in February," said A. Prasanna, chief economist at ICICI Securities Primary Dealership, referring to the RBI's projection that inflation will moderate from October onward but with upside risks.

"Accordingly, the MPC will again vote for status quo with a preference to wait for more clarity on key risks."

Inflation unexpectedly fell after vegetable prices fell in early 2018 due to a surge in harvests. This is expected to keep price pressures soft for the next few months.

However, oil prices remain a risk, since India imports nearly 80 percent of its crude oil requirement.

It is noteworthy that February's consumer price index (CPI) inflation fell to a four-month low of 4.44 percent, and is also expected to stay behind the RBI's projection of 5.1-5.6 percent for April-September, the RBI is unlikely to lower its guard as it aims to lower inflation to 4 percent in the medium term.

The RBI will also be mindful of the pace of India's economic recovery as banks are likely to go slow on lending after a loan-fraud scandal worth over $2 billion at the country's second largest state lender Punjab National Bank.

That could slow down activity after India grew the fastest in five quarters at 7.2 percent.

"There can be some dent in the risk appetite among banks to give loans after the issues related to loan fraud were detected, which could add uncertainties to the pace of the near term recovery," said Siddhartha Sanyal, chief India economist at Barclays in Mumbai.

"We expect that policymakers will be careful of not stifling growth at the early stages of recovery," adding that he expected the RBI to be on hold for all of 2018.

RBI is likely to keep interest rates on hold on Thursday for the fourth meeting in a row but maintain a cautious tone despite a pullback in inflation.

The Reserve Bank of India (RBI) is likely to keep interest rates on hold on Thursday for the fourth meeting in a row but maintain a cautious tone despite a sharper-than-expected pullback in inflation in the last few months. The Monetary Policy Committee (MPC) is likely to stick with its 'neutral' stance and flag uncertainty over the inflation outlook beyond June due to factors such as oil prices and the government's promise of increasing the minimum purchase price of foodgrains from farmers. A Reuters poll showed all 61 respondents expected the RBI to keep the repo rate steady at 6 percent, its lowest level since November 2010. A majority of the economists polled expect the RBI to only start raising rates in early 2019. "We expect the policy guidance and tone to be balanced and similar to that in February," said A. Prasanna, chief economist at ICICI Securities Primary Dealership, referring to the RBI's projection that inflation will moderate from October onward but with upside risks. "Accordingly, the MPC will again vote for status quo with a preference to wait for more clarity on key risks." Inflation unexpectedly fell after vegetable prices fell in early 2018 due to a surge in harvests. This is expected to keep price pressures soft for the next few months. However, oil prices remain a risk, since India imports nearly 80 percent of its crude oil requirement. It is noteworthy that February's consumer price index (CPI) inflation fell to a four-month low of 4.44 percent, and is also expected to stay behind the RBI's projection of 5.1-5.6 percent for April-September, the RBI is unlikely to lower its guard as it aims to lower inflation to 4 percent in the medium term. The RBI will also be mindful of the pace of India's economic recovery as banks are likely to go slow on lending after a loan-fraud scandal worth over $2 billion at the country's second largest state lender Punjab National Bank. That could slow down activity after India grew the fastest in five quarters at 7.2 percent. "There can be some dent in the risk appetite among banks to give loans after the issues related to loan fraud were detected, which could add uncertainties to the pace of the near term recovery," said Siddhartha Sanyal, chief India economist at Barclays in Mumbai. "We expect that policymakers will be careful of not stifling growth at the early stages of recovery," adding that he expected the RBI to be on hold for all of 2018.

RBI to keep rates on hold, sounds cautious despite easing inflation

The Reserve Bank of India will keep monetary policy steady at its April meeting but shift to a hawkish stance by the end of this year and raise interest rates early in 2019 as inflation pressures build, according to a Reuters poll of economists.

All 61 economists polled between March 23-28 expected the RBI to hold the repo rate at 6.00 percent and the reverse repo rate at 5.75 per cent at its April 4-5 policy meeting.

The RBI is expected to keep rates steady for the rest of this year.

After a slowdown in growth through much of last year, India is on an upswing and reclaimed top spot as the fastest growing major economy in the final quarter of 2017, outpacing China.

Inflation, on the other hand, has eased slightly, but still projected by the central bank to remain above its 4 per cent medium-term target in 2018.

"The recent strength of the economy has belatedly shifted the discussion from whether the RBI might cut policy rates again to whether it should hike," noted Shilan Shah, senior India economist at Capital Economics.

The RBI is expected to change its stance toward policy tightening by year-end, according to 60 per cent of 33 economists, including four respondents who thought the shift would come as early as its June meeting.

"With growth-inflation data likely to be higher after April, we believe there is a risk of more hawkish rhetoric at meetings in June and beyond, including a change in policy stance," wrote Sonal Varma, chief India economist at Nomura.

The latest consensus is for the RBI to hike the repo rate and the reverse repo rate by 25 basis points in the first three months of 2019 and follow it up with another one in the quarter through to end-December.

Just last month, the consensus was for the central bank to hold fire until at least the second half of 2019.

"The forecast for inflation suggests that after a temporary decline, which we have already seen, inflation will move slightly higher and this will force a hike," said Dariusz Kowalczyk, senior economist for ex-Japan Asia at Credit Agricole CIB.

After hitting a low of 1.46 per cent in June 2017, consumer price inflation steadily rose to a 17-month high in December. However, February's inflation print showed inflation at 4.4 per cent, giving the RBI a breather.

According to the central bank's own projections, inflation is likely to average 5.1-5.6 per cent for the first half of the 2018-19 fiscal year, before hovering around 4.5 per cent for the remainder of the year.

While the median consensus of economists predicts a rate hike early next year, almost a third of respondents forecast the RBI will lift rates by the end of September.

Several of them also expect another rate hike before end-2018.

Against a backdrop of government fiscal slippage, the RBI would focus on "price stability", higher bond yields and sticky inflation near the upper band of its target, according to Vishnu Varathan, head of economics and strategy at Mizuho Bank.

"The fact that evidence of underlying inflation is picking up...should tilt them towards one rate hike to calibrate policy," Mizuho's Varathan said.

"The growth story is also going to align nicely with the RBI's position because we are coming off a soft base after the demonetization and GST impact ... the policy decision becomes less of a dilemma and the clarity with which they need to act solidifies in the second half of this year."

If the RBI does raise rates when expected, it would follow other major central banks which are already tightening policy.

The US Federal Reserve raised rates in March and is expected to follow it up with three more hikes this year, according to a separate Reuters poll.

The RBI is expected to keep rates steady for the rest of this year

The Reserve Bank of India will keep monetary policy steady at its April meeting but shift to a hawkish stance by the end of this year and raise interest rates early in 2019 as inflation pressures build, according to a Reuters poll of economists. All 61 economists polled between March 23-28 expected the RBI to hold the repo rate at 6.00 percent and the reverse repo rate at 5.75 per cent at its April 4-5 policy meeting. The RBI is expected to keep rates steady for the rest of this year. After a slowdown in growth through much of last year, India is on an upswing and reclaimed top spot as the fastest growing major economy in the final quarter of 2017, outpacing China. Inflation, on the other hand, has eased slightly, but still projected by the central bank to remain above its 4 per cent medium-term target in 2018. "The recent strength of the economy has belatedly shifted the discussion from whether the RBI might cut policy rates again to whether it should hike," noted Shilan Shah, senior India economist at Capital Economics. The RBI is expected to change its stance toward policy tightening by year-end, according to 60 per cent of 33 economists, including four respondents who thought the shift would come as early as its June meeting. "With growth-inflation data likely to be higher after April, we believe there is a risk of more hawkish rhetoric at meetings in June and beyond, including a change in policy stance," wrote Sonal Varma, chief India economist at Nomura. The latest consensus is for the RBI to hike the repo rate and the reverse repo rate by 25 basis points in the first three months of 2019 and follow it up with another one in the quarter through to end-December. Just last month, the consensus was for the central bank to hold fire until at least the second half of 2019. "The forecast for inflation suggests that after a temporary decline, which we have already seen, inflation will move slightly higher and this will force a hike," said Dariusz Kowalczyk, senior economist for ex-Japan Asia at Credit Agricole CIB. After hitting a low of 1.46 per cent in June 2017, consumer price inflation steadily rose to a 17-month high in December. However, February's inflation print showed inflation at 4.4 per cent, giving the RBI a breather. According to the central bank's own projections, inflation is likely to average 5.1-5.6 per cent for the first half of the 2018-19 fiscal year, before hovering around 4.5 per cent for the remainder of the year. While the median consensus of economists predicts a rate hike early next year, almost a third of respondents forecast the RBI will lift rates by the end of September. Several of them also expect another rate hike before end-2018. Against a backdrop of government fiscal slippage, the RBI would focus on "price stability", higher bond yields and sticky inflation near the upper band of its target, according to Vishnu Varathan, head of economics and strategy at Mizuho Bank. "The fact that evidence of underlying inflation is picking up...should tilt them towards one rate hike to calibrate policy," Mizuho's Varathan said. "The growth story is also going to align nicely with the RBI's position because we are coming off a soft base after the demonetization and GST impact ... the policy decision becomes less of a dilemma and the clarity with which they need to act solidifies in the second half of this year." If the RBI does raise rates when expected, it would follow other major central banks which are already tightening policy. The US Federal Reserve raised rates in March and is expected to follow it up with three more hikes this year, according to a separate Reuters poll.

RBI to take hawkish stance by end-2018, hike rates early next year: Reports

The Employees&#39; Provident Fund Organisation (EPFO) has lowered interest rates. The organisation has slashed interest rates from 8.65% to 8.55% for its nearly 5 crore subscribers.&nbsp;

EPFO newly decided interest rate will be ratified by the finance ministry before being credited to the subscriber&#39;s accounts at the end of the financial year.&nbsp;

Despite the cut, the EPF remains one of the best saving instruments in the country over bank deposits and Public Provident Fund which fetch offer much lower interest rates to the subscribers.&nbsp;

EPFO newly decided interest rates will be ratified by the finance ministry before being credited to the subscriber's accounts at the end of the financial year

The Employees' Provident Fund Organisation (EPFO) has lowered interest rates. The organisation has slashed interest rates from 8.65% to 8.55% for its nearly 5 crore subscribers. EPFO newly decided interest rate will be ratified by the finance ministry before being credited to the subscriber's accounts at the end of the financial year. Despite the cut, the EPF remains one of the best saving instruments in the country over bank deposits and Public Provident Fund which fetch offer much lower interest rates to the subscribers.

The Employees' Provident Fund Organisation slashes interest rates from 8.65% to 8.55%

The Reserve Bank of India is likely to leave interest rates unchanged at its December policy meeting and through the end of next year, <a href="http://www.wionews.com/india-news/indias-october-retail-inflation-touches-seven-month-high-of-358-percent-24113">despite expectations that&nbsp;inflation</a> will breach its 4 percent target in the next few months, a Reuters poll showed.

The results, from a poll of economists taken over the past week, also found there is a bigger risk the next move is a cut, even though forecasts diverge in three directions starting from the second quarter of next year.

That suggests both that policymakers have little room for manoeuvre and the outlook for rates beyond the next few months is exceptionally fuzzy, with several respondents saying they were unwilling to look much beyond the turn of the year.

The poll comes at a possible turning point for Asia&#39;s third-largest economy, with a separate Reuters survey showing economists now expect a rebound in economic growth after five consecutive quarters of deceleration.

&quot;In the RBI&#39;s perception,&nbsp;inflation&nbsp;is inching up and the risks of that remaining high remain for a longer duration, say a couple of quarters or so, it may be difficult for the RBI to consider a rate cut around that scenario,&quot; said Shubhada Rao, chief economist at Yes Bank in Mumbai.

&quot;In our opinion, a December rate cut is ruled out. Maybe next year (but) a lot depends on how inflation&nbsp;plays out,&quot; said Rao, who was the most accurate forecaster on the Indian economy in Reuters Polls last year.

The latest survey found 52 of 54 economists expected the RBI to hold the repo rate at 6.0 percent on Dec. 6, with just two forecasting a 25-basis-point cut to 5.75 percent.

The RBI&#39;s Monetary Policy Committee at its meeting in October expressed concern about rising inflation, one of the reasons it decided to keep rates steady then.&nbsp;Inflation&nbsp;rose to 3.6 percent at last count, the highest in seven months.

In the poll, 20 of 26 economists who answered an additional question said&nbsp;inflation&nbsp;was likely to rise above the RBI&#39;s 4 percent medium-term target by March, with forecasts split nearly evenly between the current quarter and early 2018.

But not all economists were concerned about&nbsp;inflation, which is still low by historical standards.

Finance ministry officials told Reuters that India&#39;s government is lobbying for a rate cut.

&quot;We expect the RBI to cut policy rates, if not in December then in its next policy review,&quot; one ministry official told Reuters on condition of anonymity.

Prime Minister Narendra Modi&#39;s government has hit the economy with sweeping changes over the past year by removing more than 85 percent of the currency in circulation as well as implementing a new national goods and services tax.

But if the RBI were to cut rates, it would be out of step with the latest trend among major central banks, which are now looking to either tighten policy or move away from ultra-easy policy in place since the financial crisis a decade ago.

The US&nbsp;Federal Reserve has been raising rates for the last two years, the Bank of Canada has lifted them twice this year and even the Bank of England put up borrowing costs earlier this month, in part on&nbsp;inflation&nbsp;concerns.

The global economy is also fairly strong, with most economies growing simultaneously. Yet at its last policy review, the RBI cut its growth outlook for the current fiscal year to 6.7 percent from 7.3 percent, suggesting it is not close to considering raising rates.

The latest Reuters poll found economists overwhelmingly expected no changes to that domestic outlook at the December policy meeting, further evidence that the repo rate is likely to remain on hold at 6.0 percent then and for a while longer.

Sajjid Chinoy, chief India economist at JP Morgan, wrote in a recent note to clients that the significant rise in oil prices over recent months, which will pinch consumers through higherinflation, is a good reason for pause.

&quot;The resulting jump in&nbsp;inflation, which we now see rising to above 4.5 percent next quarter, is likely to keep the RBI cautious at its December review.&quot;

The Reserve Bank of India is likely to leave interest rates unchanged at its December policy meeting and through the end of next year, despite expectations that?inflation will breach its 4 percent target in the next few months, a Reuters poll showed

The Reserve Bank of India is likely to leave interest rates unchanged at its December policy meeting and through the end of next year, despite expectations that inflation will breach its 4 percent target in the next few months, a Reuters poll showed. The results, from a poll of economists taken over the past week, also found there is a bigger risk the next move is a cut, even though forecasts diverge in three directions starting from the second quarter of next year. That suggests both that policymakers have little room for manoeuvre and the outlook for rates beyond the next few months is exceptionally fuzzy, with several respondents saying they were unwilling to look much beyond the turn of the year. The poll comes at a possible turning point for Asia's third-largest economy, with a separate Reuters survey showing economists now expect a rebound in economic growth after five consecutive quarters of deceleration. "In the RBI's perception, inflation is inching up and the risks of that remaining high remain for a longer duration, say a couple of quarters or so, it may be difficult for the RBI to consider a rate cut around that scenario," said Shubhada Rao, chief economist at Yes Bank in Mumbai. "In our opinion, a December rate cut is ruled out. Maybe next year (but) a lot depends on how inflation plays out," said Rao, who was the most accurate forecaster on the Indian economy in Reuters Polls last year. The latest survey found 52 of 54 economists expected the RBI to hold the repo rate at 6.0 percent on Dec. 6, with just two forecasting a 25-basis-point cut to 5.75 percent. The RBI's Monetary Policy Committee at its meeting in October expressed concern about rising inflation, one of the reasons it decided to keep rates steady then. Inflation rose to 3.6 percent at last count, the highest in seven months. In the poll, 20 of 26 economists who answered an additional question said inflation was likely to rise above the RBI's 4 percent medium-term target by March, with forecasts split nearly evenly between the current quarter and early 2018. But not all economists were concerned about inflation, which is still low by historical standards. Finance ministry officials told Reuters that India's government is lobbying for a rate cut. "We expect the RBI to cut policy rates, if not in December then in its next policy review," one ministry official told Reuters on condition of anonymity. Prime Minister Narendra Modi's government has hit the economy with sweeping changes over the past year by removing more than 85 percent of the currency in circulation as well as implementing a new national goods and services tax. But if the RBI were to cut rates, it would be out of step with the latest trend among major central banks, which are now looking to either tighten policy or move away from ultra-easy policy in place since the financial crisis a decade ago. The US Federal Reserve has been raising rates for the last two years, the Bank of Canada has lifted them twice this year and even the Bank of England put up borrowing costs earlier this month, in part on inflation concerns. The global economy is also fairly strong, with most economies growing simultaneously. Yet at its last policy review, the RBI cut its growth outlook for the current fiscal year to 6.7 percent from 7.3 percent, suggesting it is not close to considering raising rates. The latest Reuters poll found economists overwhelmingly expected no changes to that domestic outlook at the December policy meeting, further evidence that the repo rate is likely to remain on hold at 6.0 percent then and for a while longer. Sajjid Chinoy, chief India economist at JP Morgan, wrote in a recent note to clients that the significant rise in oil prices over recent months, which will pinch consumers through higherinflation, is a good reason for pause. "The resulting jump in inflation, which we now see rising to above 4.5 percent next quarter, is likely to keep the RBI cautious at its December review."

India's inflation likely to rise, interest rates won't: Poll

Britain&#39;s economy will grow more slowly in the short term if the country fails to secure a deal for its future trading relationship with the European Union after Brexit, Bank of England Governor Mark Carney said on Sunday.

Asked in an interview with ITV television if Britain&#39;s economy would take a hit if there is no Brexit deal, Carney said&nbsp;&quot;The short answer is yes, in the short term. In the short term, without question, if we have materially less access (to the EU) than we have now, this economy is going to need to reorient and during that period of time it will weigh on growth.&quot;

Carney also said British business investment should be booming, given the strength of the world economy and other factors, but it was only just growing because of the uncertainty about the outcome of the Brexit negotiations.

The BoE on Thursday raised interest rates for the first time since 2007, before the start of the global financial crisis, but sterling fell sharply as the central bank also said it expected only &#39;very gradual&#39;&nbsp;rate rises ahead.

The BoE on Thursday raised interest rates for the first time since 2007.

Britain's economy will grow more slowly in the short term if the country fails to secure a deal for its future trading relationship with the European Union after Brexit, Bank of England Governor Mark Carney said on Sunday. Asked in an interview with ITV television if Britain's economy would take a hit if there is no Brexit deal, Carney said "The short answer is yes, in the short term. In the short term, without question, if we have materially less access (to the EU) than we have now, this economy is going to need to reorient and during that period of time it will weigh on growth." Carney also said British business investment should be booming, given the strength of the world economy and other factors, but it was only just growing because of the uncertainty about the outcome of the Brexit negotiations. The BoE on Thursday raised interest rates for the first time since 2007, before the start of the global financial crisis, but sterling fell sharply as the central bank also said it expected only 'very gradual' rate rises ahead.

Bank of England's Carney sees slower growth without Brexit deal

The US Fed is expected to hike interest rates tonight, with most analysts saying the hike is expected to be between 0.25-0.5%. &nbsp;

The Fed had cut interest rates by 0.25% back when the 2008 crash had taken place, to try and increase spending in the US economy. Since then, the interest rates have remained unchanged.&nbsp;

A lower interest rate is indicative of a fragile economy. The lower rate was capitalised on by emerging markets across Asia, including India; investors saw better potential in emerging markets.&nbsp;

The interest rates in emerging markets were higher than the rates in&nbsp;U.S. economy, resulting in flow of capital to the emerging markets for better returns.&nbsp;

The US economy has since improved, and analysts says a rate hike is likely.&nbsp;

In which case, how will emerging markets -- and India -- be impacted?&nbsp;

With the interest rate hike in U.S., experts say there may be capital outflows from emerging markets, and an increase&nbsp;in debt and equity investments in the US.&nbsp;A tight monetary and loose fiscal policy could enhance government spending, strengthening the US economy.

Here in India, there is a chance the rupee might depreciate, which might give rise to a higher current account deficit and higher inflation as the import prices will increase. But brokerages remain confident the Indian economy will hold fort in the long run and any impact will be restricted to the near term.&nbsp;

While Indian monetary policy kept repo rates unchanged, finance minister Arun Jaitley clarified that was not to brace for the impact of a rate hike by the Fed. But that the repo rate remaining unchanged could prepare India better for a hike, should it come.&nbsp;

(WION)

Street estimates say hike expected to be between 0.25-0.5%

The US Fed is expected to hike interest rates tonight, with most analysts saying the hike is expected to be between 0.25-0.5%. The Fed had cut interest rates by 0.25% back when the 2008 crash had taken place, to try and increase spending in the US economy. Since then, the interest rates have remained unchanged. A lower interest rate is indicative of a fragile economy. The lower rate was capitalised on by emerging markets across Asia, including India; investors saw better potential in emerging markets. The interest rates in emerging markets were higher than the rates in U.S. economy, resulting in flow of capital to the emerging markets for better returns. The US economy has since improved, and analysts says a rate hike is likely. In which case, how will emerging markets -- and India -- be impacted? With the interest rate hike in U.S., experts say there may be capital outflows from emerging markets, and an increase in debt and equity investments in the US. A tight monetary and loose fiscal policy could enhance government spending, strengthening the US economy. Here in India, there is a chance the rupee might depreciate, which might give rise to a higher current account deficit and higher inflation as the import prices will increase. But brokerages remain confident the Indian economy will hold fort in the long run and any impact will be restricted to the near term. While Indian monetary policy kept repo rates unchanged, finance minister Arun Jaitley clarified that was not to brace for the impact of a rate hike by the Fed. But that the repo rate remaining unchanged could prepare India better for a hike, should it come. (WION)

US Fed likely to hike interest rates tonight

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