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There is a growing consensus across the world that corporate greed is the new villain in town, spiking inflation even as workers get doubly penalised by low wage increases and higher interest rates. How far is this true? What are the policy implications? And is India also witnessing greedflation?
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Markets Skeptical Despite Fed's Hawkish Hold; Yen Plunges; ECB Next. Fed clearly delivered a hawkish hold overnight, signaling that two more rate hikes are underway. However, market participants appear skeptical about the Fed's aggressive posture. According to Fed funds futures, markets are still projecting interest rate to peak at 5.25-5.00%, anticipating just one more 25-basis point rate hike in July. Moreover, there's over 60% chance that rates will remain at this level by year-end.
Euro is making notable gains following ECB's decision to increase interest rates by a widely anticipated 25bps. The real kicker, however, is the significant upward revision of core inflation forecasts for both the current and following years, pushing the common currency up across the board. Swiss Franc capitalized on Euro's rally, securing its spot as the day's next strongest performer. Sterling, on the other hand, delivered a mixed performance, selloff against Euro. Australian Dollar emerges as the third strongest player, buoyed by robust jobs data released earlier in Asian tra...