Eslworldblog

 The Indian rupee recorded a steep drop this week as tensions between India and Pakistan flared up, rattling domestic equities and sovereign bond markets. However, likely intervention by the Reserve Bank of India (RBI) on Friday offered some relief to the South Asian currency. The rupee ended Friday stronger at 85.37 per U.S. dollar, recovering from a near one-month low of 85.8425 hit earlier in the day, according to traders. Despite the day’s rebound, the currency posted a 0.9% loss over the week. The intensifying conflict has seen both nations accuse each other of launching fresh military strikes on Friday, involving drones and artillery fire for a third consecutive day — marking the most severe clashes in nearly 30 years. “Our current assessment is that both India and Pakistan have a fundamental incentive to avoid a major escalation over the medium term,” Michael Wan, senior currency analyst at MUFG, said in a note dated May 9. He added, “With geopolitical conflicts, it’s al...

 The US Federal Reserve kept interest rates steady for the fourth straight meeting on Wednesday but made notable changes to its policy language, signaling growing concern over the economic impact of former President Donald Trump’s aggressive trade policies. While maintaining the benchmark interest rate at 4.25% to 4.5%, the Fed introduced new wording that acknowledged trade-related volatility for the first time in the current cycle. “Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace,” the statement noted. This marks the central bank’s first direct reference to export disruptions, a clear nod to the ongoing tariff conflict. Growth Persists, But Tariff Threats Cloud the Outlook The Fed has consistently described the US economy as growing at a “solid pace” since January 2024, a phrase that remained in Wednesday’s statement. However, the use of this language comes even after recent GDP figu...

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