Daily Digest Market Movers: Indian Rupee turns red amid the cautious mood
- India’s eight states will have an economy of over $1 trillion as the country moves towards becoming a developed nation by FY47, according to the India Ratings and Research (Ind-Ra) report.
- RBI Governor Shaktikanta Das said that inflation is moving closer to targets, projecting retail inflation for the current year at 4.5%. Nonetheless, uncertainties in food prices continue to pose challenges.
- India's robust growth prospects give the central bank the space to remain focused on inflation, RBI Governor Shaktikanta Das said.
- Chicago Fed President Austan Goolsbee said the recent jobs report was “quite strong”, but the central bank must weigh how much longer it can maintain its current interest rate stance without damaging the economy.
- Minneapolis Fed President Neel Kashkari said that the labor market is no longer ‘red hot’ but remains tight. He said his base case is that inflation continues to ease.
- The chance of a June rate cut dropped to nearly 57%, while the odds of a July cut have fallen below 75%, according to the CME’s FedWatch tool.
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