Daily Digest Market Movers: Indian Rupee stays firm amid global influences
- Krishnamurthy Venkata Subramanian, India's executive director at the International Monetary Fund (IMF), stated on Wednesday that India needs to grow at 8% on a sustained basis to generate sufficient jobs to reduce poverty and inequality.
- The Reserve Bank of India (RBI) has projected GDP growth for the next financial year at 7%, based on improved household consumption and an upturn in the private capex cycle.
- The Fed held the rate steady at 5.25–5.50% at its March meeting on Wednesday, with the median dot plot for 2024 unchanged from the 75 basis points (bps) of cuts shown in the December projections.
- Fed Chair Jerome Powell noted during the press conference that strong labour market data wouldn’t deter the central bank from cutting rates. The Fed will wait for more evidence that inflation is sustainably moderating toward its 2% target.
- Investors have priced in a 75% odds that the Fed will start cutting the rate in the June meeting, according to the CME FedWatch Tool.
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