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International Monetary Fund (IMF) chief economist Gita Gopinath has said its 2021 GDP numbers for India were locked on March 5, around the same time the country started seeing an upsurge in Covid-19 cases and that there could be a downward risk if the country goes for a nationwide lockdown. The IMF this week had raised its growth forecast for the Indian economy by 100 basis points to 12.5% for the fiscal year 2021-22. The international monetary body expects India’s GDP to grow 12.5% in FY22, the highest among emerging and advanced economies. GDP growth for FY23 is pegged at 6.9%.
By Reuters Staff
1 Min Read
FILE PHOTO: Dallas Federal Reserve Bank President Robert Kaplan speaks at the Commonwealth Club in San Francisco, U.S., October 11, 2019. REUTERS/Ann Saphir/File Photo
(Reuters) - Citing his concerns about excess risk-taking in financial markets and potential inflation, Dallas Federal Reserve Bank President Robert Kaplan said Friday he will push for reducing the Fed’s support for the economy sooner than later.
“You don’t want to be preemptive, but I also don’t want to be so reactive that we are late,” Kaplan said in a virtual appearance at the Engage Undergraduate Investment Conference. Once the pandemic is weathered, and it is clear there has been progress toward full employment and 2% inflation, he “will advocate” for pulling back on “some of the Fed’s extraordinary actions,” starting with trimming the Fed’s bond-buying program.
Fed s Kaplan says U.S. economy still needs central bank support - WSJ
04/07/2021 | 05:48am EDT
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April 7 (Reuters) - It is not yet time for the central bank
to pull back on its support of the U.S. economy, but reducing
stimulus when the pandemic abates and more economic progress is
made will help keep the recovery on track, Dallas Federal
Reserve Bank President Robert Kaplan told the Wall Street
Journal. When we re in the middle of a crisis, we should be
aggressively using our tools, so I agree with what we re doing
now in terms of asset purchases and stance of policy generally,
Wall Street Set To Start Low
WASHINGTON (dpa-AFX) - A slew of Fed speeches and FOMC minutes of its latest monetary policy meeting might be the highlights on Wednesday.
Asian shares finished broadly up, while European shares are trading mostly down.
The U.S. Futures Index point to lower open for Wall Street.
Fear of an increase in COVID-19 infection is buoyant in several countries, while half of U.S. adults received the first dose of vaccine.
As of 8.05 am ET, the Dow futures were down 1.00 points, the S&P 500 futures were at 0.00 points and the Nasdaq 100 futures were sliding 3.25 points.
4/7/2021 10:40:05 AM GMT | By Eren Sengezer
In an interview with the Wall Street Journal, Dallas Federal Reserve Bank President Robert Kaplan noted that the US economy still needs support froım the Fed, as reported by Reuters.
Additional takeaways Upbeat about the economy and forecast of 6.5% growth this year. Agree with what we’re doing now in terms of asset purchases and stance of policy generally. Reducing stimulus when the pandemic abates and more economic progress is made will help keep the recovery going.
Market reaction
These comments were largely ignored by market participants. As of writing, the US Dollar Index was down 0.06% on a daily basis at 92.23.