Powell warned that moving to respond to temporary inflation pressures 'may do more harm than good.'
The Indian currency is celebrating the ruling government’s victory in Uttar Pradesh polls. Bharatiya Janata Party (BJP) got a clear mandate in UP, the state which has the highest representation in the Rajya Sabha, with 31 members.
The market rallied for fourth consecutive session today. It was a U-shape recovery for benchmark indices as the market slipped in red after rallied for first half an hour of trade but it managed to rebound significantly in last couple of hours of trade.
A likely interest rate hike in the US, the first in nearly a decade, will be withstood well by equity markets in India, says Xavier Denis, Economist-Strategist at Société Générale Private Banking.
Markets are poised for a relief rally even if the Federal Reserve hikes interest rates for the first time in nine years, and it is likely the US central bank will do it, to "call the bluff of scaremongers", believes Ajay Bodke of brokerage firm Prabhudas Lilladher.
Friday's stronger-than-expected jobs report boosted expectations of a US rate increase as soon as June, causing the market to sell off.