Get real-time updates on Fed Chair Jerome Powell's speech live from the Hutchins Center on Fiscal and Monetary Policy.
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“We don’t think the world is going to be a better place if we take our time, and inflation becomes entrenched,” Powell says
“It is very difficult to forecast inflation now,”: Powell
“We’ll continue to make forecasts, but we’re going to have to be humble and skeptical about forecasts for some time,” Powell says.
The full effects of our rapid tightening so far are yet to be felt: Powell
“To be clear,” Powell says, “strong wage growth is a good thing.”
“We want wages to go up strongly, but they’ve got to go up at a level that is consistent with 2 percent inflation over time,” Powell says. “You’re 1.5 or 2 percent above that with current wage increases.”“What you see is a labour market that, there’s a real imbalance between supply and demand,” Mr. Powell says, referencing this morning’s job openings and labour turnover data.
"We will stay the course until the job is done"
The Fed Chair said, "It is likely that restoring price stability will require holding policy at a restrictive level for some time. History cautions strongly against prematurely loosening policy."
Powell says that rates will rise more and remain high ‘for some time.’
“The time for moderating the pace of rate increases may come as soon as the December meeting,” Mr. Powell said, referencing the Dec. 13-14 gathering.Still, Mr. Powell said in remarks prepared for delivery at the Brookings Institution that “ongoing increases will be appropriate” and that what matters most is the level rates ultimately rise to and how long they remain elevated, rather than the rate of change.
Without price stability, the economy does not work for anyone: Powell
"We currently estimate that 12-month personal consumption expenditures (PCE) inflation through October ran at 6.0 percent.While October inflation data received so far showed a welcome surprise to the downside, these are a single month's data, which followed upside surprises over the previous two months" he said.
Powell: Fed to keep rates higher for longer to cut inflation
The Federal Reserve will push rates higher than previously expected and keep them there for an extended period, Chair Jerome Powell said Wednesday, in remarks likely intended to underscore the Fed's single-minded focus on combating stubborn inflation.
Wall Street shares muted, Treasury yield higher with Powell in focus
After rallies in overseas markets led by hopes for a China reopening, Wall Street equities were going in the opposite direction on Wednesday as investors were cautious ahead of an appearance by U.S. Federal Reserve chief Jerome Powell
Gyanvapi row: HC fixes Dec 5 for hearing on mosque committee's plea challenging Varanasi court verdict
The Allahabad High Court fixed December 5 for further hearing on a Gyanvapi masjid management's revision petition challenging a Varanasi court order on the maintainability of a plea seeking permission to offer regular prayers to idols of deities in the mosque complex.
Actor Vijay Deverakonda grilled by ED in money laundering case
Actor Vijay Deverakonda on Wednesday appeared before the Enforcement Directorate (ED) here in connection with a money laundering case, official sources said.
The 'Liger' actor was questioned in relation to the money laundering case, they said.
Earlier on November 18, the ED had questioned 'Liger' director Puri Jagannath, and producer Charmme Kaur regarding the film's finances. (PTI)
Daughter says Pele back in hospital to regulate medication
Brazilian soccer great Pelé was hospitalized in Sao Paulo to regulate the medication in his fight against a colon tumor, his daughter said on Wednesday.
Kely Nascimento added that there was 'no emergency' concerning her 82-year-old father's health.
Nascimento, who lives in the United States, made the comments in an Instagram post after what she called 'lots of alarm in the media today concerning my dad's health'.
ESPN Brasil reported earlier that the three-time World Cup champion was taken to Hospital Albert Einstein due to 'general swelling'.(AP)
Sebi penalises 15 entities for manipulating Parichay Investments stock prices
Markets regulator Sebi on Wednesday levied fines totalling Rs 1.15 crore on 15 entities for manipulating the share price of Parichay Investments Ltd (PIL).
The regulator imposed fines in the range of Rs 5 lakh to Rs 10 lakh on 15 entities.
Bilkis Bano moves SC against remission to convicts
Bilkis Bano, who was gang-raped and seven members of her family slaughtered during the 2002 Gujarat riots, moved the Supreme Court challenging the remission of sentence of 11 convicts in the case by the state government, saying their premature release has "shaken the conscience of society".
Besides the plea challenging the release of the convicts, the gang-rape survivor has also filed a separate petition seeking a review of the apex courts May 13, 2022 order on a plea by a convict.
Telcos to stop 5G services in high-frequency bands in and around airports
Based on buffer and safety zone details provided by the aviation ministry, the DoT has asked telecom operators to not install 5G base stations in the 3.3-3.6 Ghz band in the area of 2.1 kilometres from both ends of the runway and 910 meters from the centre line of the runway of Indian airports with immediate effect.
Pinky Irani arrested in conman Sukesh Chandrashekhar's extortion case
Pinky Irani, an alleged aide of conman Sukesh Chandrashekhar, was on Wednesday arrested in connection with an extortion case and remanded in police custody for three days by a court which said police must be given a free hand to probe the matter thoroughly.
Adani Powwer extends timeline to complete acquisition of DB Power till Dec 31
Adani Power on Monday said that the timeline for the completion of the Rs 7,017-crore deal to acquire thermal power assets of DB Power Ltd has been extended by one month till December 31, 2022. Earlier, the company had extended the timeline for completion by a month till November 30, 2022.
Dharmaj Crop Guard IPO receives 35.49 times subscription on last day of offer
The Rs 251.14-crore IPO received bids for 28,43,51,820 shares against 80,12,990 shares on offer, as per data available with the NSE.
Uniparts India IPO subscribed 58% on Day 1 of offer
The initial public offer of engineering systems and solutions provider Uniparts India received 58 per cent subscription on the first day of the offering on Wednesday. The public offer received bids for 58,36,700 shares against 1,01,37,360 shares on offer, according to NSE data.
Ultimate question perhaps is whether 'jallikattu' can be allowed in any form: SC
The Supreme Court, which is hearing a challenge to a Tamil Nadu law allowing "Jallikattu", on Wednesday observed the "ultimate question" perhaps might be whether the bull-taming sport, dubbed by many as cruel to animals, can be allowed in any form.
FY23 GDP growth on track to be 7 percent: V Anantha Nageswaran
He added, "Domestic inflation is expected to ease further on the back of softening global commodity prices and expectations of a good Rabi crop"
Chief Economic Adviser: Government is on track to meet its capex target for FY23
Chief Economic Adviser V Anantha Nageswaran on GDP: The economy has continued its recovery post the pandemic in July-September
He says that India’s growth trajectory stands tall when compared to other countries. "India’s growth performance is even more credible given the commodity price shock and the synchronised tightening of monetary policy across the world" he added.
Sebi reduces timeline for listing of debt securities issued on private placement basis
Markets regulator Sebi on Wednesday reduced the timeline for listing of debt securities issued on a private placement basis to three days. Currently, the timeline is four days and the latest move would also expedite the availability of securities for trading by the investors.
Lionsgate's Rohit Jain appointed chairman of Digital Entertainment Committee at IAMAI
The Internet and Mobile Association of India (IAMAI), an organization representing the digital services industry, announced on November 30 that Rohit Jain, MD, Emerging Markets Asia, Lionsgate, has been appointed as the new Chairman of their Digital Entertainment Committee for the period of 2022 to 2024.
Airbnb launches service allowing American renters to host apartments
The move comes at a time when people are looking to earn additional income as higher food, transportation and housing expenses continue to squeeze household budgets, deepening the cost-of-living crisis in the country.
Indian Energy Exchange seeks shareholders' nod to buyback shares worth Rs 98 crore
The board of directors in its meeting on November 25 has approved the cash offer for buyback of equity shares of face value of Rs 1 each at a maximum price of Rs 200 per share for an aggregate amount up to Rs 98 crore.
Alliance Air introduces flight service in Dibrugarh-Itanagar Pasighat route
A Dornier 228 aircraft, manufactured by Hindustan Aeronautics Limited (HAL), with a single passenger on board, took off from Dibrugarh at 10.20 am and landed at the newly constructed Donyi Polo airport at Hollongi, near Itanagar, at 11.10 am.
India July-September GDP growth 6.3 percent versus 13.5 percent in April-June
The gross domestic product (GDP) had expanded by 8.4 per cent in the July-September quarter of 2021-22, according to data released by the National Statistical Office (NSO).
Lalu Prasad Yadav to undergo kidney transplant on Dec 5: Tejashwi Yadav
The RJD heir apparent made the disclosure at a rally in Kurhani assembly segment, where the disqualification of the party's MLA Anil Sahani has necessitated a by-poll, which, incidentally, is also scheduled for December 5.
P-notes investment continues to swell; hits 1-yr high in October
Investment in the Indian capital markets through participatory notes rose to Rs 97,784 crore at the end of October, the highest in a year. This was also the third consecutive monthly increase in investments through such a route.
Finance Minister Nirmala Sitharaman: Growth, health, education are my top 3 priorities for 2023
The growth of core sector industries slows down to 0.1 per cent in October
The growth slumps to 0.1 percent versus 7.8 percent in September andlowest in 20 months.
Finance Minister: Crypto assets have to be regulated
On being asked about the regulationof cryptocurrencies, the finance minister said that the regulation is not possibleuntil countries come together. "So that will be discussed during India's presidency of the G-20." she added.
Finance Minister says that crowding-in of private investment is in the pipeline
She said, "I can see a lot of observers of the Indian economy saying that the Indian industry is coming around and investing. FDI is also buoyed because of the PLI schemes".
Finance Minister Nirmala Sitharaman: We are focussed at this time on growth
"I can't comment on whether the two-year period for lowering inflation to 4 percent is long or short.We will continue to keep pushing on capital expenditure. And I am saying that even as I am preparing the next Budget. We are on track to meet this year's capex target, with states showing great capacity for capex" she said.
FM Nirmala Sitharaman speaks at the Reuters NEXT Conference
She said that India will probably succeed in handling inflation better (than other countries).RBI has said inflation will be within the tolerance band of 2-6 percent by the middle of next year. She added that It is difficult to give a number for GDP growth for the nextcouple of years given the external factors at play. "I can't as yet reveal the contents of the letter submitted by the RBI to government after failing to meet the inflationmandate."
Employees of CIL, SCCL to stage protest against delays in retirement benefit on Dec 5
Pensioners in the coal sector from Karnataka, Telangana, Andhra Pradesh, Madhya Pradesh, Chhatisgarh, Jharkhand, Bihar, Odisha, West Bengal, Uttar Pardesh, Delhi and other states will gather at Jantar-Mantar in New Delhi to pitch for quick redressal of their concerns.
Gold futures gain Rs 33 to Rs 53,017
Gold prices on Wednesday increased by Rs 33 to Rs 53,017 per 10 grams in futures trade as speculators created fresh positions on a firm spot demand. On the Multi Commodity Exchange, gold contracts for February delivery traded higher by Rs 33 or 0.06 per cent at Rs 53,017 per 10 grams in a business turnover of 15,342 lots.
Russia promotes engineer to fill vacancy of Zaporizhzhia nuclear plant chief
Moscow said on Wednesday it had promoted the chief engineer of Ukraine's Zaporizhzhia nuclear plant to become its head, filling a position vacant since October when Kyiv says the plant's boss was abducted by Russian authorities.
Rupee gains 34 paise to close at 81.38 against US dollar
The rupee appreciated 34 paise to close at 81.38 (provisional) against the US dollar on Wednesday as a weak greenback in the overseas market and a rally in domestic equities boosted investor sentiment. At the interbank foreign exchange market, the local unit opened at 81.63 and touched an intra-day high of 81.38 and a low of 81.64 against the greenback.
Gujarat elections 2022: First phase of voting begins from Dec 1
The first of the two phases of voting for the Gujarat assembly will be held on December 1 when 89 constituencies will go to the polls in an election in which the ruling BJP is looking for a record seventh successive term. In the first phase, 788 candidates are in the fray across 19 districts of South Gujarat and Kutch-Saurashtra region, according to the Gujarat Chief Electoral Officer. Of these candidates, 70 are women and 339 independents. Among the 89 seats, 14 are reserved for Scheduled Tribes and seven for Dalits. Polling will open at 8 am and continue till 5.30 pm.
Overseas-based Chinese step up protests as calls mount for change
Overseas-based Chinese and their supporters rallied in Sydney, Tokyo, Hong Kong, New York and Toronto with demands to end the world's most stringent COVID-19 restrictions evolving into calls to "free China" and for President Xi Jinping to step down."Free China. Xi Jinping step down," about 30 people shouted in Toronto. At Harvard University in Massachusetts, dozens chanted: "No more lies" and "no more censorship."
Congress' civic poll manifesto promises water purifiers to poor, day-boarding at MCD schools
The Congress' Delhi unit on Wednesday promised RO water purifiers to the poor, day-boarding facility at MCD-run schools and waiving off previous house tax dues in its manifesto for elections to the civic body here. Launching the manifesto, Congress leader Supriya Shrinate said the water provided by the Municipal Corporation of Delhi (MCD) had always been "unfit" for regular use and extremely contaminated to consume.
SC to consider listing Bilkis Bano's plea against remission, release of 2002 rape & murder convicts
Bilkis Bano on Wednesday challenged the remission of sentence and release of convicts in the 2002 rape and murder case filing a plea before the Supreme Court. The court said it will consider listing the matter for hearing. A bench comprising Chief Justice D Y Chandrachud and Justice P S Narasimha took note of the submissions of lawyer that the victim herself has challenged the grant of remission and release of the convicts, and the matter be listed for hearing. "The review has to be heard first. Let it come before Justice Rastogi," the CJI said.
Former Chinese President Jiang Zemin has died, says state media
Former Chinese President Jiang Zemin died on Wednesday at the age of 96, Chinese state media reported. Jiang died from leukemia and multiple organ failure in Shanghai at 12:13 pm the official Xinhua news agency said. (Reuters)
CBI conducts searches at around 14 locations in Jammu & Kashmir
CBI is conducting searches at around 14 locations including in Jammu, Sambha at the premises of accused & others (including then Member, JKSSB) in a case releated to alleged irregularities in exam by J&K Services Selection Board(J&KSSB)for the posts of Accounts Asst, Finance Dept
India is assuming G20 presidency. India is showing its might & transforming the world with its civilisational values:Union ministry Meenakashi Lekhi
Mainpuri by-poll | SP MP Ram Gopal Yadav complains to EC against BJP
"Complained to EC about irregularities by Police & Dist Administration. Our workers being arrested so they can't become agents. CDO Mainpuri calls pradhans & kotedars that if BJP doesn't win in their polling stations, they won't continue on posts" SP MP Ram Gopal Yadav
