The Federal Reserve will likely scale back its bond purchases before considering raising interest rates, Chairman Jerome Powell said, hardening expectations on the sequence of its eventual exit from aggressive policy support.
“We will reach the time at which we will taper asset purchases when we’ve made substantial further progress toward our goals from last December, when we announced that guidance,” Powell said Wednesday in a virtual event hosted by the Economic Club of Washington. “That would in all likelihood be before well before the time we consider raising interest rates. We haven’t voted on that order but that is the sense of the guidance.”
The domestic equities were trading with modest losses in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, fell 211.95 points or 0.44% at 48,332.11. The Nifty 50 index lost 64.40 points or 0.44% at 14,440.40.
Infosys (down 3.51%), Reliance Industries (down 0.43%) and Maruti Suzuki India (down 2.84%) were major drags.
In the broader market, the S&P BSE Mid-Cap index skid 0.64%. The S&P BSE Small-Cap index declined 0.35%.
Sellers outnumbered buyers. On the BSE, 997 shares rose and 1,759 shares fell. A total of 156 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 730.81 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 243.80 crore in the Indian equity market on 13 April 2021, provisional data showed.
Federal Reserve Chair Jerome Powell on Wednesday defended the Fed’s increasing scrutiny of the threat that climate change could pose to the health of the United States’ banks, after some Republican members of Congress had complained that by doing so the Fed was overstepping its mandate.
Over the past year, the Fed has taken steps to incorporate the risks from climate change into its oversight of the US financial system. A key part of the Fed’s mandate, in addition to setting short-term interest rates to either stimulate or slow the economy, is regulating banks to guard against excessive risk-taking.
Coinbase Wows In Nasdaq Debut Amid Cryptocurrency Frenzy By Daniel HOFFMAN
on April 15 2021 10:14 AM
Cryptocurrency exchange Coinbase made a dramatic stock market debut Wednesday amid frenzied interest in bitcoin and other virtual currencies despite concerns about a bubble.
The enterprise, the first company devoted entirely to cryptocurrency to enter the US stock exchange, debuted on the market well above its reference price and quickly rocketed higher before pulling back somewhat.
The premier went successfully, said Art Hogan, chief market strategist at National Securities. We ll have to see how this plays out and then see if this particular publicly traded stock is as volatile as the cryptocurrencies that it transactions.
Thursday, 15 Apr 2021 07:18 AM MYT
In Europe, upbeat earnings from German software firm SAP and French luxury goods maker LVMH lifted the pan-regional STOXX 600 index, which closed just below a record high set last week. Reuters pic
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NEW YORK, April 15 Major global stock indexes scaled new peaks yesterday after upbeat US and European earnings pointed to a strong recovery from the coronavirus pandemic, while the dollar dipped to three-week lows as Treasury yields held below recent highs.
High-flying growth stocks declined on Wall Street, sending the benchmark S&P 500 and Nasdaq lower in afternoon trade, while underpriced value stocks rose, lifting the Dow to a new record.