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Prime Minister Narendra Modi, on Wednesday, congratulated Reserve Bank of India's (RBI) Governor, Shaktikanta Das for bagging an A+ grade rating in the Global Finance Central Banker Report Cards 2024. Prime Minister in a post on social media "X" said, "Congratulations to RBI Governor Shri @DasShaktikanta for this feat, and that too for the second time. This is a recognition of his leadership at the RBI and his work towards ensuring <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> and stability." <keyword id="20850250" type="General" weightage="20" keywordseo="RBI-Governor-Das" source="keywords">RBI Governor Das</keyword> has been awarded the A+ grade rating for the second consecutive year. The Central Banker Report Cards, published annually by Global Finance since 1994, grade the central bank governors of nearly 100 key countries, territories, and districts, as well as the European Union, the Eastern Caribbean Central Bank, the Bank of Central African States and the Central Bank of West African States. Grades are based on an "A+" to "F" scale for success in areas such as <keyword id="21364628" type="General" weightage="20" keywordseo="inflation-control" source="keywords">inflation control</keyword>, economic growth goals, currency stability and <keyword id="22859834" type="General" weightage="20" keywordseo="interest-rate-management" source="keywords">interest rate management</keyword>. "A" represents an excellent performance, down through "F" for outright failure. "Central bankers have waged war against <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword> over the past few years, wielding their primary weapon: higher interest rates. Now, countries around the world are witnessing the tangible results of these efforts, as inflation has dropped significantly," said Global Finance founder and editorial director Joseph Giarraputo. The RBI has been successful in controlling the larger macroeconomic situations in the country. The apex bank is actively working to push economic growth through its <keyword id="20900764" type="General" weightage="20" keywordseo="monetary-policies" source="keywords">monetary policies</keyword>. The RBI recently kept the the <keyword id="20094323" type="General" weightage="20" keywordseo="repo-rate" source="keywords">repo rate</keyword> unchanged at 6.5 per cent after the deliberations of the Monetary Policy Commitee meeting earlier this month. The move reflects the central bank's cautious approach amid ongoing economic uncertainties. Announcing the monetary policy decisions, Das had said that the decision to keep the repo rate steady comes amidst persistent concerns about inflation, which remains above the RBI's target range. RBI Governor Das said that the inflation will moderate from July onwards as the monsoon has improved and global food prices have shown signs of easing in July. The Q1 <keyword id="19999655" type="General" weightage="20" keywordseo="Consumer-Price-Index" source="keywords">Consumer Price Index</keyword> (CPI) inflation for the current financial year (2024-25) is projected at 4.5 per cent. CPI inflation for the first quarter of the next financial year (Q1 2025-26) is projected at 4.4 per cent, as announced by the RBI Governor. India's retail inflation, after breaching 5 per cent in June, softened drastically in July. In line with the moderation in retail inflation, wholesale inflation in India too witnessed a sharp decline in July. The annual rate of inflation based on all India Wholesale Price Index (WPI) numbers is 2.04 per cent (provisional) for July 2024 (over July 2023).

PM Modi congratulates RBI Governor Das on A+ rating in Global Finance Report

New Delhi: Markets regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">Sebi</keyword> has proposed allowing Real Estate Investment Trusts (<keyword id="20186402" type="General" weightage="20" keywordseo="REITs" source="keywords">REITs</keyword>), Small and Medium REITs (SM REITs) and Infrastructure Investment Trusts (<keyword id="20186403" type="General" weightage="20" keywordseo="InvITs" source="keywords">InvITs</keyword>) to use <keyword id="21737868" type="General" weightage="20" keywordseo="interest-rate-derivatives" source="keywords">interest rate derivatives</keyword> for <keyword id="23778373" type="General" weightage="20" keywordseo="hedging-risk" source="keywords">hedging risk</keyword>. Also, the regulator has suggested approving locked-in units for REITs and InvITs to be transferred among sponsors and their groups, similar to rules for promoters in listed companies, to help sponsors manage their holdings without compromising "skin in the game". Additionally, Sebi has suggested permitting fixed deposits to be considered as cash equivalents when calculating leverage for REITs and InvITs, clarifying credit rating requirements for REIT and InvIT borrowings, and setting a timeline for filling vacancies on their boards and expanding the asset base for REITs and SM REITs. The regulator has also proposed to permit REITs to invest in liquid mutual funds. It has suggested measures to facilitate ease of doing business for REITs and InvITs, along with investors' protection. According to its consultation paper, Sebi is considering allowing REITs and InvITs to hedge against interest rate fluctuations by using derivatives like interest rate swaps. This could help stabilise cash flows, reduce risks, and protect unitholder interests, especially for long-term infrastructure projects. It is also proposed to define "Common Infrastructure" for REIT regulations. To enhance business flexibility for REITs, it has been proposed to clarify that facilities like power plants, heating/cooling systems, water treatment, and waste treatment plants -- serving one or more REIT assets -- will qualify as "common infrastructure" under REIT rules. This applies even if these facilities are not located within a single project due to their technical requirements. These facilities should supply and be used exclusively by REIT assets. For power plants, however, any excess power can be sold to the state utility/grid as per regulations, with any credits or payments going towards the benefit of REIT assets. To improve transparency, it has been proposed to amend the governance norms for quarterly reporting of InvITs. Currently, quarterly results for the investment manager and its business segments are presented to the investment manager's board, but there is no direct requirement for InvITs to report their performance. The proposed amendment would clarify that quarterly results should specifically reflect the performance of the InvITs themselves, not just the investment managers. This change aligns InvIT regulations with REIT regulations, where the focus is on the quarterly results of the REIT itself. Also, it has been suggested to align the composition of NRCs in REIT and InvIT managers with listed companies under the LODR regulations. Currently, all NRC members for REITs and InvITs must be independent directors. The proposal allows a mix of independent and non-executive directors, similar to listed companies. To enhance investors' protection, Sebi has suggested reviewing conditions for InvITs to borrow beyond the 49 per cent limit, assessing REIT investments in unlisted equity shares and outlining the roles and responsibilities of trustees for REITs, InvITs, and SM REITs. In a separate consultation paper, the regulator has proposed a regulatory framework for "restricted return InvITs" to provide infrastructure investors with predictable returns by setting limits on both upside gains and downside protection. The proposed framework for restricted return InvITs is designed to provide investors with structured returns, capped at both minimum and maximum levels to offer stability. Restricted return InvITs would include downside protection -- a minimum assured return -- and/or an upside restriction, a cap on returns -- depending on the arrangement. These investments would be limited to sophisticated investors who meet high minimum investment thresholds, with each unit priced at a minimum of Rs 500 crore and total InvIT assets of at least Rs 50,000 crore. Investors would be required to sign a waiver and undertaking form, acknowledging their understanding of the structured returns and risks involved, including the transfer of any excess returns to the sponsors. This waiver should be submitted before purchase in both primary and secondary markets, with compliance overseen by merchant bankers or brokers. The Securities and Exchange Board of India (Sebi) has sought public comments on both consultation papers by November 13.

Sebi proposes to allow InvITs, REITs, SM REITs to use interest rate derivatives for hedging risk

The Reserve Bank of India (<keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword>) has started its three-day monetary policy committee (MPC) meeting in Mumbai on Tuesday. The meeting will conclude on Thursday, when the RBI will announce its decisions on the <keyword id="20094323" type="General" weightage="100" keywordseo="repo-rate" source="keywords">repo rate</keyword> and other matters. The repo rate, which has been maintained at 6.5 per cent since it was last increased in February 2023, is widely expected by experts to remain unchanged for the ninth consecutive bi-monthly policy review. Experts highlight that <keyword id="19895000" type="General" weightage="20" keywordseo="inflation" source="keywords">inflation</keyword> in India remains above the RBI's target range, making it unlikely that the central bank will implement policy cuts until inflation reaches the target of 4 per cent. However, the expert added that the RBI may consider rate cuts in the October meeting. Banking expert Ashutosh Khajuria commented: "Monetary Policy Committee (MPC) may continue to hold the policy signalling Repo rate and wait for <keyword id="19979707" type="General" weightage="20" keywordseo="Consumer-Price-Inflation" source="keywords">Consumer Price Inflation</keyword> to decisively fall below 4 per cent, the target rate. For the present, the continuation of the current stance is widely expected. MPC in India may change the stance and rate action by the beginning of the second half of the year in their October meeting at the earliest." The experts also noted that while <keyword id="20196112" type="General" weightage="20" keywordseo="core-inflation" source="keywords">core inflation</keyword> has been contained and commodity prices, particularly metals, have dropped by 15-20 per cent from their 2024 peak, food inflation remains a concern and needs to be closely monitored to ensure stability in overall CPI numbers. The Managing Director of a major bank, who preferred not to be named, told ANI: "During the last policy meeting we could see some voting in favour of a <keyword id="19920203" type="General" weightage="20" keywordseo="rate-cut" source="keywords">rate cut</keyword>. At the same time, we could see The Reserve Bank of India's (RBI) Governor Shaktikanta Das on July 11 said it is too early to talk on the interest rate cut due to the uncertain economic environment and inflation remaining close to five per cent. Considering both, our expectation is that the rate cut cycle may start from the next meeting and no change in <keyword id="19950650" type="General" weightage="20" keywordseo="interest-rates" source="keywords">interest rates</keyword> this time." RBI Governor Shaktikanta Das had also emphasised in the last policy briefing that food inflation is still a concern and that the regulator is not in a hurry to make a decision on rate cuts. A recent report by the State Bank of India (SBI) also noted that Consumer Price Inflation in India is expected to remain around 5 per cent for the financial year 2024-25, except for the months of September and October.

Repo rate cut unlikely in ongoing MPC meeting, but RBI may change it during October policy review: Experts

<ul class="summary-list"><li><keyword id="19912297" type="General" weightage="100" keywordseo="Nvidia" source="keywords" meta.keywordsubtype="org" meta.entityname="Nvidia" meta.hostid="261" meta.entityid="Nvidia">Nvidia</keyword>'s stock fell 9.5% due to concerns about AI and the <keyword id="20335130" type="General" weightage="20" keywordseo="US-economy" source="keywords">US economy</keyword>.</li><li>Investors are worried about economic indicators and potential recession signals from the Fed.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/nvidia-earnings-ai-hype-investors-returns-jensen-huang-big-tech-2024-8">Nvidia</a> has taken two major hits in the last four working days. First, investors punished the company for <a href="https://www.businessinsider.com/nvidia-q2-earnings-ai-investors-expectations-2024-8" target="_blank">not beating expectations enough</a> when it reported earnings on August 28. And on Tuesday, its stock slid 9.5%, shedding $278.9 billion in valuation — the biggest single-day loss ever recorded by a US company. The wipeout is tied to concerns, including the health of AI and the US economy. A metric for manufacturing jobs, released on Tuesday, shrank for the third consecutive month, and <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-today-nasdaq-selloff-nvidia-tech-ism-manufacturing-recession-2024-9">both major indices took a hit</a>. There's also bearish sentiment about a US employment employment report later this week. In just two weeks, analysts expect the Fed to <a target="_blank" class="" href="https://www.businessinsider.com/fed-rate-cuts-corporate-earnings-federal-reserve-slowdown-trivariate-research-2024-9">announce interest rate cuts</a>, which could be larger than they first expected, sending omens about the chances of a recession. At a company level, <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-prediction-nvda-sell-stock-market-inflation-rates-outlook-2024-9?utm_medium=ingest&amp;utm_source=markets">one strategist flagged </a>that Nvidia is flashing a big "sell" sign to investors. Bill Blain, the founder of Wind Shift Capital and a longtime financial strategist, wrote in a note on Tuesday that <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-may-lose-ai-inference-market-groq-cerebras-2024-8">Nvidia's soaring valuation </a>has made many of its employees very wealthy. Citing numbers from a recent poll, Blain said that leaves less than a third of Nvidia's staff with "any real daily financial pressure upon them," which should make investors question their motivation and Nvidia's productivity. There were also renewed warnings about <a target="_blank" class="" href="https://www.businessinsider.com/ai-frontier-crowded-winners-losers-2024-8">AI spending</a> and how it will take time to materialize into results for investors. Michael Cembalest, the chairman of market and investment strategy at JPMorgan Asset Management, said investors are looking past GPU sales and focusing on whether the tech giants on Nvidia's customer list can make money from the hundreds of billions they have spent on AI. Blackrock echoed a similar sentiment: Investors are debating whether the dollars in spending will show up in future bottom lines, and how many years it will take. These concerns explain why <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-talks-invests-openai-microsoft-apple-100-billion-valuation-reports-2024-8">Nvidia</a> was not the only chipmaker that took a hit on Tuesday. Intel fell 8.8%, AMD dropped 7.8%, and Qualcomm fell almost 7%. An overall chip index — VanEck Semiconductor — was down 7.5%. Nvidia's <a target="_blank" class="" href="https://www.businessinsider.com/doj-subpoena-nvidia-antitrust-investigation-heats-up-report-2024-9">stock fell 2.4% after hours</a> after the US Department of Justice subpoenaed the company as part of a probe into whether <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-doj-investigation-runai-big-tech-crackdown-antitrust-acquisition-competition-2024-8">it violated antitrust laws</a>. Nvidia's massive valuation drop comes more than two years after <a target="_blank" class="" href="https://www.businessinsider.com/meta-q4-earnings-largest-ever-one-day-wipeout-190-billion-2022-2">Meta lost $237 billion in market value</a> in a single day in February 2022. Apple, which held the record before that, lost $180 billion in one day in September 2020. The 2022 rout was Meta's second time on the chart. In July 2018, the company <a target="_blank" class="" href="https://www.businessinsider.com/facebook-stock-price-earnings-report-market-value-on-pace-for-record-drop-2018-7">shed $119 billion in market cap</a> in a single day after reporting slowing growth in its second-quarter earnings. It was the largest one-day market cap slump at the time. Correction: September 4, 2024 — Because of an editing error, an earlier version of this story misstated when Nvidia most recently reported its earnings. It was on August 28, not September 28.

Nvidia just recorded the biggest single-day wipeout by a US company

<ul class="summary-list"><li>My bank has lowered the APY on my high-yield savings account by almost half a percent recently.</li><li>I'm not happy that my cash is generating less returns now, and I don't know what to do.</li></ul>It's never pleasant to receive an email from your bank informing you that the interest rate on your <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/best-high-yield-savings-accounts-rates-right-now">high-yield savings account</a> is decreasing.Unfortunately, like many Americans happy to collect a robust yield on their savings, I've gotten three of these notifications in the last three months as the Federal Reserve has begun to lower interest rates. From August until the end of October, the annual percentage yield (APY) on my high-yield savings account has fallen from 4.6% to 4.2%.I opened this bank account almost two years ago, right after graduating from college. Back in 2023, with inflation still elevated, interest rates were at their highest levels since the Great Financial Crisis, and it seemed like most banks were offering near-5% yields on savings. After paying off my bills every month, I would put the remainder of my paycheck into my high-yield savings account and watch the number creep up.Now, it looks like the days of a 5% APY are in the past. In September, the Federal Reserve dished out a 50 basis-point rate cut, signifying the beginning of the end for high rates. Continuing this trend, the central bank's chair, Jerome Powell, announced a <a target="_blank" href="https://www.businessinsider.com/federal-reserve-cuts-interest-rates-quarter-point-powell-inflation-election-2024-11">25 basis-point cut</a> last week, and is expected to slash rates further in the months ahead.Is there anything I can do about the state of my savings account, or do I have to watch my yield erode away slowly? Curious, I asked three financial experts for their advice on this topic.As a famous politician once said, we didn't just fall out of a coconut tree. Context is important. Patti Black, a financial advisor at Savant Wealth Management, reminded me that the recent high interest rate environment is a marked departure from the last decade, where interest rates were near zero and there was no yield on cash to be found. So, while yields dropping from nearly 5% might seem like a tough pill to swallow for someone like me who just opened an account in the last couple of years, it's still a pretty good deal when you consider where rates have been in the past.I didn't have a bank account during the post-2008 zero-interest rate policy era, so this was helpful context to have. Perhaps my generation is indeed coddled — first by our parents and now by Jerome Powell's post-pandemic rate hikes.Black also suggested that I switch up my perspective. While a rate-cutting cycle means less return on my cash, it also means lower borrowing costs for a car loan or a mortgage, which is good news for the housing market.But there are other options for where I can have my money sit, Black said. Of course, one alternative is a <a target="_blank" href="https://www.businessinsider.com/cd-rates-certificate-deposit-high-interest-where-to-invest-now-2024-10">certificate of deposit</a> (CD), which is essentially a savings account that holds money at a fixed interest rate for a fixed period of time. CDs generally pay higher interest rates than savings and money market accounts in exchange for locking up your money for anywhere between three months to many years. However, my hands are a little tied. A well-known rule of thumb is to keep three to six months of living expenses available in your bank account as an emergency fund (read: liquid and highly accessible), so it's not a good idea to lock up money in my high-yield savings account for a prolonged period time. I could withdraw my money from the CD if needed, but I'd have to pay back some or all of the interest I'd generated up until that point as a penalty.With this in mind, Black said that sometimes it doesn't matter what the rate on the high-yield savings account is — it's the best place to park cash for easy access.Armed with this context, I still wanted to see if there were more ways to put my cash to work for me.Daniel Milan, financial advisor at Cornerstone Financial Services, had some more thoughts on CDs. A three-month CD could be a good option if I were comfortable locking up my money for that period of time, according to Milan.My bank didn't offer CDs, so I would need to open up a new bank account, which isn't necessarily a bad thing. Some financial experts recommend having <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/banking/how-many-savings-accounts-can-you-have">multiple bank accounts</a> for different savings goals. Searching online, I saw <a target="_blank" href="https://www.businessinsider.com/personal-finance/banking/best-3-month-cd-rates">multiple options</a> yielding over 4.6%.However, Milan didn't recommend locking up my money for longer. Usually, the longer the term of the CD, the higher the rate. But that's not always the case in today's market."In this current environment, it makes no sense to go further out than three months on a CD because the three-month CD is paying you more than a one-year or two-year right now," Milan said.Looking at CD offerings from a variety of banks, I discovered that this was indeed true — generally, the longer the CD duration, the lower the rate, especially after a 1-year duration. Rates on 6-month and 9-month CDs were also attractive depending on the bank, but again, my liquidity needs take those off the table.Many of the banks I looked at didn't offer short-term CDs, either. For example, one option offered a 4.5% APY on an 11-month CD, 3.7% on a 2-year, and 3.5% on a 5-year.It wouldn't make sense to move my money out of my savings account without high enough compensation for the lower liquidity."You're not getting paid for that illiquidity," Milan told me.Short-term <a target="_blank" href="https://markets.businessinsider.com/bonds">Treasury bills</a> are another investment option for higher yield, and they offer more liquidity than CDs, according to Richard McHorter, a private wealth advisor at SRM Private Wealth. A three-month Treasury bill currently yields 4.43%.There's also the added benefit of tax savings, which is especially appealing for McHorter, who lives in California: "If you're a resident of a high-income tax state, I would be looking at Treasury bills."As a resident of New York City, the idea of lower taxes certainly appeals to me. If I were to buy Treasury bills, I would only need to pay federal taxes, bypassing state and local income taxes.McHorter also said that there's a lot of uncertainty about interest rates right now, and they could actually start going back up again. Trump's proposed <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-hit-company-stock-profits-hardest-china-investing-manufacturing-2024-11">tariff policies</a> could increase inflation, in which case the Fed would probably increase rates to combat an overheating economy, he said.If I buy a three-month Treasury bill, I can reassess the inflation situation when I get my money back in three months and reinvest it accordingly, McHorter said.When it comes to interest rates and inflation, pay attention to the data and don't try to predict the market with your money, Milan advised. <a target="_blank" href="https://www.businessinsider.com/federal-reserve-cuts-interest-rates-quarter-point-powell-inflation-election-2024-11">Jerome Powell</a> himself has said that it's too soon to say how the election results could reshape markets and interest rates."My advice to anybody would be: just be diligent in reading and interpreting the data as it comes out," Milan said. Watch inflation data and Fed commentary, and base your investing decisions on the information you have at hand.It feels like the market is a bit in limbo as everyone waits for the effects of the election to ripple through, but as Black mentioned, not taking any action right now isn't the worst decision.What's next? For starters, I'm going to sit down and crunch some numbers for what three to six months of living expenses look like for me and keep that in my high-yield savings account. With the money I have left over, I have some good options.Are you a Gen-Zer who has recently been faced with an investing predicament? Feel free to reach out to Christine at <a target="_blank" href="mailto:cji@businessinsider.com">cji@businessinsider.com</a> to share your story.

The interest rate on my high-yield savings account keeps dropping. I asked 3 experts how to earn more on my cash.

<ul class="summary-list"><li>US indexes edged higher as investors waited for a likely interest rate cut from the Fed. </li><li>The central bank will wrap up its policy meeting at 2 p.m. ET, with markets pricing in a 50 basis point move. </li></ul>US stocks rose on Wednesday as traders readied for what's likely to be the Federal Reserves's first rate cut in four years. Major indexes were slightly higher after the opening bell, with the S&amp;P 500 looking to hit a fresh record after touching all-time highs in Tuesday's session. Bond yields rose. The 10-year Treasury yield was up three basis points to 3.677%. Central bankers are set to conclude their policy meeting and announce their highly anticipated decision on interest rates at 2 p.m. ET, with markets betting on a rate cut with certainty. Investors are pricing in a 61% chance the Fed will cut rates 50 basis points, according to the <a target="_blank" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch tool</a>, down slightly from 63% odds priced in on Tuesday. The debate has swung in favor of a larger rate cut versus a 25 basis point move following recent data points that support more rapid Fed easing. Softer labor market condition in July and August and a slight rise in the monthly core consumer price index last month bolster the case for a 50 basis point move, traders say. Still, forecasters expect the Fed to tread cautiously given the upside risks to inflation stemming from loosening monetary policy too quickly. "Though consensus is leaning toward a 50 basis point move, we look for the Fed to cut by 25 basis points today. Inflation growth is not yet at the Fed's target for price stability, the unemployment rate still hovers around 4.0%, and federal deficit spending continues to surge," John Lynch, chief investment officer at Comerica Wealth Management, said in a note Wednesday morning. "We suspect this next rate cycle may resemble the non-recessionary 'tweaks' of 1995.""Sure, there are risks of further labor market cooling, but I see the reignition of price pressures as a graver danger," José Torres, a senior economist at Interactive Brokers, said, predicting a quarter-point cut.Following the interest rate decision, all eyes will be on Fed Chair Jerome Powell, who will deliver prepared remarks during a press conference. Whether he strikes a dovish or hawkish tone, his commentary is likely to sway markets. "Powell will face a communications challenge regardless of their chosen action. If the Fed opts for a 25bp reduction, the Chair will have to project confidence about the outlook and assuage concerns about the Fed falling behind the curve. Conversely, if they cut by 50bps, Powell will need to avoid sending negative signals about the economy and dissuade markets from pricing a sequence of large reductions. These will be challenging — but manageable — communications," Deutsche Bank strategists said.Investors should gear up for potential volatility whatever the Fed ends up deciding. While the market has been building toward this moment for most of the year, it shouldn't be assumed the move is fully priced in, and a sharp swing in either direction is possible. "The intraday path on Powell Fed Days has been interesting, to say the least," Bespoke Investment Group said in a note. "While the market has usually bounced immediately following the 2 PM rate decision, the sell-off usually starts at or near the end of Powell's post-FOMC press conference."Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Wednesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,635.51, up 0.02%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 41,537.05, down 0.17% (-69.13 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 17,664.14, up 0.21%</li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/bitcoin-price-increase-outlook-cryptocurrency-fed-rate-cut-risk-recession-2024-9">Bitcoin is surging on hopes rate cuts could drive a speculative rush</a> into the cryptocurrency.</li><li>The more <a target="_blank" class="" href="https://www.businessinsider.com/fed-rate-cuts-outlook-jerome-powell-fomc-economy-recession-bmo-2024-9">markets price in a jumbo rate cut</a>, the more likely the Fed is to deliver, according to BMO.</li><li>The <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/us-debt-crisis-dedollarization-dollar-dominance-treasury-bond-china-jpmorgan-2024-9">biggest threat to the US dollar</a> is America's exorbitant debt load, according to JPMorgan.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures edged down.<a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price"> West Texas Intermediate</a> crude oil dipped 0.7% to $70.69 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, edged lower 0.6% to $73.31 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> ticked 0.4% higher to $2,604 an ounce.</li><li>The 10-year Treasury yield edged up three basis points to 3.677%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> rose 1% to $60,041. </li></ul>

Stock market today: Indexes edge up ahead of major Fed interest rate decision

The government on Tuesday proposed a <keyword id="20789519" type="General" weightage="20" keywordseo="transit-oriented-development" source="keywords">transit-oriented development</keyword> plan for 14 large cities with a population of over 30 lakh in its budget for 2024-25 and said it will formulate a framework for the creative redevelopment of cities. Presenting the Budget in the Lok Sabha, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> underscored that the Union government will work with states to facilitate the development of cities as "growth hubs". "This will be achieved through economic and transit planning, and orderly development of peri-urban areas utilising <keyword id="22517779" type="General" weightage="20" keywordseo="town-planning-schemes" source="keywords">town planning schemes</keyword>", the minister said. "Transit-oriented development plans for 14 large cities with a population above 30 lakh will be formulated, along with an implementation and financing strategy," Sitharaman said in her budget speech. The minister also announced Central assistance of Rs 2.2 lakh crore for <keyword id="20957520" type="General" weightage="20" keywordseo="urban-housing" source="keywords">urban housing</keyword> over the next five years as well as an <keyword id="22517780" type="General" weightage="20" keywordseo="interest-subsidy-scheme" source="keywords">interest subsidy scheme</keyword> to facilitate loans at affordable rates for urban housing works. She said the Central government will put in place measures for an efficient and transparent <keyword id="20071228" type="General" weightage="20" keywordseo="rental-housing" source="keywords">rental housing</keyword> market with enhanced availability. The minister proposed a scheme to support the development of 100 weekly haats or street food hubs in select cities. Sitharaman added that rental housing with dormitory type accommodation for industrial workers will be facilitated in PPP (public-private partnership) mode with VGF (viability gap funding) support and commitment from anchor industries." Enabling policies and regulations for efficient and transparent rental housing markets with enhanced availability will also be put in place, she said. About <keyword id="19939560" type="General" weightage="20" keywordseo="water-supply" source="keywords">water supply</keyword> and <keyword id="20082835" type="General" weightage="20" keywordseo="sanitation" source="keywords">sanitation</keyword>, the minister announced that the Centre in partnership with state governments and multilateral development banks will promote water supply, sewage treatment and <keyword id="19973309" type="General" weightage="20" keywordseo="solid-waste-management" source="keywords">solid waste management</keyword> projects and services for 100 large cities through bankable projects. According to her, these projects will also envisage use of treated water for irrigation and filling up of tanks in nearby areas. The minister stressed that the Central government will encourage states, which continue to charge high stamp duty, to moderate the rates for all, and also consider further lowering duties for properties purchased by women. This reform will be made an essential component of urban development schemes, she added.

Budget 2024-25: Govt announces transit-oriented development plan for large cities

<ul class="summary-list"><li>The Fed has started cutting rates, but it's not likely to boost the economy much, Lisa Shalett says.</li><li>The economy is less rate-sensitive than it was during previous rate cuts, Shalett argues.</li></ul>Rate cuts have long been seen as an integral part of the Federal Reserve's monetary policy toolbox to juice up the economy.However, don't expect rate cuts to save the economy this time around, according to Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management.Investors may have reacted positively after the initial 50-basis-point cut, but Shalett believes rate cuts have already been largely priced in from here on out. Beyond the stock market, several parts of the economy aren't very sensitive to interest rate cuts and won't see much upside either.Today's economy is facing different challenges than it has in past cutting cycles. In an interview with Business Insider, Shalett shared what to expect — and not expect — from this cutting cycle.<h2 id="f23ffa4b-b498-4d31-84b2-6a9dff847e03">3 reasons rate cuts won't work</h2>First, companies today are carrying more cash, resulting in stronger balance sheets.Many also locked in low borrowing rates after the Global Financial Crisis. The average cost of capital for the biggest companies in the index is only 4.2%, according to Shalett. With less debt, and subsequently fewer interest payments, many S&amp;P 500 constituents aren't that exposed to interest rate risk.Household consumption also points to reduced rate-cut relief. Wealth is disproportionately concentrated across American households, Shalett said, with the top 40% of households driving two-thirds of total consumption."For those households with net savings, high interest rates were actually stimulative," Shalett said. High-income households with extra cash on hand benefited from increased interest income in a higher-rate environment.One example is baby boomers, many of whom live off of fixed incomes in retirement. "For them, lower interest rates are not stimulative. It's actually net reductive to their incomes," Shalett said.While lower interest rates could potentially spur consumption for lower-income households, this group makes up only a small portion of overall spending, so don't count on that to materially stimulate the economy, she said.Lastly, the housing market poses a large challenge for the economy, and Shallett doesn't believe rate cuts will be able to improve the situation.Lower mortgage rates can help housing affordability, but they won't solve the underlying issue of housing inventory undersupply. According to Shalett, the US is about 4 million housing units short, thanks to a lack of construction after the housing crisis.In addition to a dearth of supply, how homes are financed also poses an issue."Forty percent of the entire housing stock of the US is now owned outright with zero mortgage," Shalett said. That means homeowners are disincentivized to sell into a housing market where mortgage rates — while down from earlier highs — are still hovering around 6%. Many of these homes are owned by retired baby boomers, Shalett added.Another 36% of the housing market has a mortgage locked below 4%, thanks to record-low pandemic interest rates."So the fact that mortgage rates are at 6% today doesn't really create an incentive for those people to transact in the mortgage market," Shallett said. "Seventy-six percent of your entire housing market is frozen and is not moved by the rate cuts."<h2 id="002388a3-cc3f-44ad-bf7c-dd5d6ca2a259">Keep an eye out for corporate earnings</h2>If rate cuts won't significantly kickstart the economy, then what will?In Shalett's view, the economy's success hinges on increasing corporate productivity. Shalett recommends that investors closely monitor corporate earnings for the upcoming quarters.Earnings expectations are already quite ambitious for the next year — Wall Street is forecasting 13-14% profit growth in 2025, a tall order in a slowing economy.However, a productivity-driven rebound isn't out of the question. Companies are still reporting above-average capital expenditures, and government stimulus will boost areas of the economy such as infrastructure and energy. And the promise of AI could also drive productivity gains. All of these factors could lead the economy to a soft landing.

3 reasons rate cuts won't stimulate the economy like they have in the past: Morgan Stanley Wealth Management CIO 

<ul class="summary-list"><li>Analyst Barry Knapp warns a recession looks likely by the November election without aggressive Fed action.</li><li>Small-business-sector employment growth stands below 1%, which can signal a recession, he told CNBC.</li></ul>The Federal Reserve needs to be urgent and swift with its interest-rate cuts if it wants to avoid a near-term recession, analyst Barry Knapp told <a target="_blank" href="https://www.youtube.com/watch?v=7U7MT25DMiA">CNBC on Wednesday</a>.Recent labor trends highlight a possibility that the US could face a downturn in just a few months, the Ironsides Macroeconomics managing partner said. His worry stems from unemployment patterns among small business, which are moving in a way that historically signals a looming decline."I think that underpinnings of the US economy are really weak," Knapp said. "It wouldn't shock me if we were in recession by election day."Central to this thinking is the fact that the US employment growth rate — when applied to the small business — now stands below 1% for the private sector, Knapp said.He added that the last three times this occurred were in 1990, 2001, and 2007, years that either verged on or fell into a recession."The small business sector is really struggling," Knapp said. "You see it in the ADP numbers, where small business employment is growing basically one-tenth of a percent, whereas large business employment is growing much more rapidly, like 3%."Optimism is also a hard thing to find in earnings, Knapp noted.Although earnings strength did show in the second quarter, these numbers look good when compared to an earnings recession that stretched through the first half of last year.Meanwhile, estimates for future earnings are on the decline, he said, especially for tech and consumer discretionary sectors.With labor and earnings fundamentals on shaky ground, Knapp insisted that the Fed must cut more than 25 basis points in September.Yet, most investors are pricing in just a <a target="_blank" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html?redirect=/trading/interest-rates/countdown-to-fomc.html">quarter-point cut</a>, given that some analysts assume the economy is <a target="_blank" href="https://www.businessinsider.com/fed-interest-rate-cut-outlook-september-labor-nonfarm-retail-consumer-2024-8">strong enough for a gradual policy pivot.</a>Knapp disagrees, citing that the unemployment rate will likely rise in August, as implied by Tuesday's Conference Board consumer confidence index.If labor data does deteriorate this month, that could prompt the Fed to take on a more dovish attitude."That will probably be enough to get them to kick off with a [50 basis point cut]," Knapp forecast. "So that's a good start, and maybe we can narrowly avoid a recession. But you know, to me that labor part of the economy just looks really weak here."He later added: "They really do need to start aggressively to head off the problems in a small business."

A US recession could hit by election time unless there are aggressive interest-rate cuts, analyst says

<ul class="summary-list"><li>China cut key interest rates after its leaders met at a Communist Party plenum last week.</li><li>China's second-quarter economic data missed government targets and analyst expectations.</li></ul>The world's second-largest economy cut several short- and long-term interest rates on Monday to prop up its sluggish, debt-burdened economy. The People's Bank of China cut its seven-day reverse repo rate by 10 basis points, from 1.8% to 1.7%, and its standing lending facility — given to commercial banks to supply temporary cash — by the same margin.China also cut its benchmark bank lending rates by 10 basis points, including its one-year loan prime rate and five-year LPR, which went from 3.45% to 3.35% and 3.95% to 3.85%, respectively.The surprise cuts come after the country reported its second-quarter economic data last week, showing economic growth up 4.7% from a year ago, missing this year's goal of 5.0%. The numbers also fell below analysts' expectations.China's strong exports continue to drive its economic growth as <a target="_blank" href="https://www.businessinsider.com/china-economy-second-quarter-gdp-growth-weak-demand-consumption-exports-2024-7">consumer sentiment lags</a>, even as <a target="_blank" href="https://www.businessinsider.com/china-household-deposits-savings-luxury-consumer-demand-slowdown-economy-outlook-2024-7">household deposits hit record numbers last month</a>. Retail sales expanded just 2% year-over-year in June.The rate cuts follow a meeting of the country's leaders last week at the Communist Party's Central Committee, a plenum that occurs every five years. "China's Third Plenum put 'high-quality development' as the top priority. Policy makers vowed to achieve 2024 growth target and manage risks of property, local govt debts, and smaller banks," Bank of America analysts wrote on Monday. Other commentators noted that the reforms promised at the plenum and the rate cuts are positive developments, but not enough to convince skittish investors that China's problems are behind it. "[T]here still appears to be a tension between policies aimed at boosting economic security and expanding the supply-side of the economy, and those aimed at giving market forces a greater role and rebalancing growth toward consumption," Capital Economics wrote following the plenum last week. China released a policy document following the meeting that outlines goals to improve business sentiment as the country's economy faces deflation, debt, a <a target="_blank" href="https://www.businessinsider.com/china-outlook-home-prices-slumped-beijing-property-crisis-real-estate-2024-4">real estate crisis,</a> and tense international trade relations with other large economies.

China slashes interest rates in a surprise move to boost its slumping economy

The Indian mutual fund industry continued to register strong growth in fund inflows during May 2024, as monthly data released by the Association of Mutual Funds in India (AMFI) today showed. This was a record month for equity mutual funds, with the category’s inflows jumping up by a whopping 83% since April. The mutual fund industry’s AUM (net assets under management) stood at Rs 58.91 lakh crore, rising marginally from Rs 57.25 lakh crore in April 2024. With total inflows worth Rs 42,294.99 crore, debt mutual funds continued to receive more investor attention than their equity counterparts during the month, which saw inflows of around Rs 34,697 crore. Notably, this is the 39th consecutive month where <keyword id="19925781" type="General" weightage="100" keywordseo="equities" source="keywords">equities</keyword> have seen positive inflows. Hybrid funds also ended their month in green, garnering Rs 17,990 crore in May. <cmsannotation type="cmsannotation" annotationid="Expectations around election results behind the surge, say experts" comment="subhead" text="Expectations around election results behind the surge, say experts">Expectations around election results behind the surge, say experts</cmsannotation> Expectations around the continuation of a stable regime led by the ruling party BJP during the election month of May could have been the major driver behind the record inflows into the MFs. Venkat Chalasani, Chief Executive, AMFI, said "Political stability creates an environment conducive to sustainable economic growth, attracting investments and fostering long-term investments. Global growth is sustaining its momentum in 2024 and is likely to remain resilient, supported by a rebound in global trade. The overall outlook for Indian capital markets remains positive, supported by strong fundamentals, and favourable demographics. However, it remains to be seen how the lesser-than-expected seats for the Narendra Modi-led BJP have impacted the MF sector in the month of June. However, a continuation of the NDA regime is likely to have contributed to the improved market sentiments as evident with surging markets post the counting day, and could reflect into the MF activity as well. "Although coalition governments face challenges in consensus-building and decision-making, infrastructure and nation-first initiatives introduced earlier are likely to receive support from allies across the political spectrum. The forthcoming 100-day action plan and a comprehensive Union Budget will provide a clearer picture of the government's priorities for the Indian economy," says Gopal Kavalireddi, Vice President of Research at FYERS. <cmsannotation type="cmsannotation" annotationid="Equity inflows mark a record high" comment="subhead" text="Equity inflows mark a record high"><keyword id="421833" type="General" weightage="20" keywordseo="Equity-inflows" source="Orion">Equity inflows</keyword> mark a record high</cmsannotation> Equity inflows remained positive for the 39th consecutive month, starting from March 2021. Growth Equity fund inflows for the month of May was ₹ 34,697, pushing the total inflows into mutual funds to Rs.1.1 lakh crore for the month. A total of 9 schemes were launched last month in the category of open-ended schemes, raising a total of ₹ 10,140 crores, said AMFI. Kavalireddi says, “Despite potential high volatility from FII selling, general elections, GDP data, and other minor events in May, investors remained steadfast in their pursuit of returns on the back of the Indian growth narrative." In a clear indication of investors looking to diversify their investments, multi-cap funds garnered Rs 2,644.88 crore. Large-cap funds amassed Rs 663 crore, while mid-cap funds made Rs 2,605.70 crore. On the other hand, small-cap funds have seemingly begun gaining their lost sheen, managing to take in Rs 2,724.67 crores during the month. Flexi-cap funds led the troupe, with inflows worth Rs 3,155 crore. "Equity flows have been largely driven by expectations of the election outcome, coupled with some NFO (new fund offer) launches, which perhaps led to a much higher than expected quantum in the equity category. On the equity side, investors possibly wanted to position their portfolios in advance to avoid any kind of gap risk as election exit polls were coming out over the weekend, which could have led to a spike in equity allocations towards the end of the month," Anand Vardarajan, Head Business Head – Banking, Institutional Clients, Alternate Products and Product Strategy, Tata Asset Management. Amidst hybrid funds, the majority came from arbitrage funds, which saw inflows worth Rs 12,758.12 crores in May. Notably, index funds and other ETFs collectively raked in Rs. 15,180 crore. <cmsannotation type="cmsannotation" annotationid="SIPs going strong" comment="subhead" text="SIPs going strong"><keyword id="159805" type="General" weightage="20" keywordseo="SIPs" source="Orion">SIPs</keyword> going strong</cmsannotation> Systematic investment plan (SIP) contributions continued to breach their record highs on a month-on-month basis. SIP contributions rose marginally to an all-time high of Rs 20.90 crore last month, as opposed to Rs 20.37 crore in April. SIP accounts also jumped to their highest figure in May, standing at 8,75,89,485. During the month, around 49,74,400 new SIPs were registered. As per <keyword id="1029773" type="General" weightage="20" keywordseo="AMFI-data" source="Orion">AMFI data</keyword>, SIP plans accounted for 19% of the net flows during the month. In the debt category, liquid funds saw the most influx, worth Rs 25,873.38 crore. Sectoral or thematic funds amassed Rs 19,213.43 crore during the month, trumping inflows by small-cap funds, which stood at Rs 2,724.67 crore, by a significant margin. Inflows into thematic funds were largely bolstered by the NFO of HDFC Manufacturing Fund, which drew Rs. 9,563 crores. Although Himanshu Srivastava, Associate Director, Manager Research, Morningstar Investment Research India, has a word of caution for all those flocking to sectoral funds, “investors must be cautious while investing in such funds. They are cyclical, and hence investors should have the necessary skills or the right set of advice in place to track sector dynamics and time their entry and exit from these funds. These are high-risk return propositions, and hence investors must take a judicious call while investing in them.” <cmsannotation type="cmsannotation" annotationid="Gold continues to shine" comment="subhead" text="Gold continues to shine">Gold continues to shine</cmsannotation> The quantum of net flows in <keyword id="20050894" type="General" weightage="20" keywordseo="gold-ETFs" source="keywords">gold ETFs</keyword> saw a sharp uptick to Rs 827 crore in May 2024, from a net outflow of Rs 396 crore in April. Srivastava further notes that the enduring <keyword id="19950651" type="General" weightage="20" keywordseo="global-inflation" source="keywords">global inflation</keyword>, which remains above central banks' comfort levels, and the persistent uncertainty surrounding <keyword id="19962135" type="General" weightage="20" keywordseo="interest-rate-cuts" source="keywords">interest rate cuts</keyword> have bolstered gold's appeal as a haven and as a hedge against inflation, thereby attracting more investors. “Also, over the years, gold has gained prominence as an effective diversifier, prompting many investors to include gold ETFs in their portfolios. <keyword id="19910265" type="General" weightage="20" keywordseo="gold-prices" source="keywords">Gold prices</keyword> also saw some corrections in May, which spurred buying from investors. In INR terms, gold has done fairly well over the last year but dwarfs in comparison to how equities have fared. Given this backdrop, flows in the gold ETF category have been somewhat patchy relative to the equity asset class," he continued. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.

Election fever? Equities and SIP inflows mark record highs in May, per AMFI data

<ul class="summary-list"><li>Trump told Bloomberg Businessweek the Fed should not cut rates before the presidential election.</li><li>However, some economists and lawmakers say cuts should happen soon.</li></ul>Former President Donald Trump said the Federal Reserve should not cut <a target="_blank" href="https://www.businessinsider.com/fed-interest-rate-cuts-should-happen-in-july-not-september-2024-7">interest rates</a> before the presidential election, according to an interview he did with <a target="_blank" href="https://www.bloomberg.com/features/2024-trump-interview/">Bloomberg Businessweek</a>.In a June 25 interview that was published on July 16, Trump said the Fed may cut rates before the election, but it's something Fed Chair Jerome Powell and Fed members "know they shouldn't be doing."His comments are at <a target="_blank" href="https://www.businessinsider.com/interest-rate-cuts-timeline-federal-reserve-inflation-powell-economists-forecast-2024-7">odds</a> with what some economists and <a target="_blank" href="https://www.businessinsider.com/when-will-fed-cut-interest-rates-elizabeth-warren-powell-rent-2024-1">Democratic lawmakers</a> have said about the need for cuts soon.Mark Zandi, chief economist of Moody's Analytics, told Business Insider that when rate cuts do happen, it could "provide immediate relief" for consumers, small businesses, and lower- and middle-income households. For instance, interest rates on credit cards could come down, he said, which would benefit consumers.Trump's remarks echo his <a target="_blank" href="https://www.businessinsider.com/trump-interest-rate-cuts-powell-help-democrats-win-elections-inflation-2024-2">previous claims</a> that the Fed could become politicized ahead of the presidential election as opinions on the timing of interest rate cuts split across party lines. The Federal Open Market Committee has two interest rate decisions scheduled before the election in July and September.The Federal Reserve is meant to operate <a target="_blank" class="" href="https://www.federalreserve.gov/faqs/why-is-it-important-to-separate-federal-reserve-monetary-policy-decisions-from-political-influence.htm">independently</a> and apolitically."Congress has entrusted the Federal Reserve with operational independence that is needed to take a longer-term perspective in the pursuit of our dual mandate of maximum employment and stable prices," Powell <a target="_blank" href="https://www.federalreserve.gov/newsevents/testimony/powell20240709a.htm">said</a> before the Senate Committee on Banking, Housing, and Urban Affairs on July 9.The FOMC monitors economic data to decide when to cut rates without spurring inflation. According to <a target="_blank" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">market predictions</a>, the central bank is expected to once again hold rates steady during its July meeting but potentially cut in September.Trump said the Fed has a "dream" to lower interest rates, but he'd advise against it. "Right now, you have to keep rates where they are," he said, citing general inflation as a concern."Inflation is a country buster," Trump said, and while he said he knows Fed members want to cut interest rates, he would not do so before the presidential election.June <a target="_blank" class="" href="https://www.businessinsider.com/inflation-cpi-june-prices-food-energy-fed-interest-rate-cuts-2024-7">inflation</a> data showed consumer prices increased 3% year-over-year, the lowest rate in a year. Some <a target="_blank" class="" href="https://www.businessinsider.com/interest-rate-cuts-timeline-federal-reserve-inflation-powell-economists-forecast-2024-7">economists think it's time to cut rates</a>, with cooling inflation and job growth suggesting the Fed's job is already mostly done."I think it's past time for them to cut interest rates," Zandi said. "I think they have achieved their objective of full employment and inflation at target."Meanwhile, Claudia Sahm, chief economist at investment management firm New Century Advisors and former Fed economist, said indicators show it's time to cut rates."We have seen the US economy has been getting back on track, normalizing, rebalancing, all of the Fed's catchwords for some time now," Sahm said.Zandi thinks the Fed will start making rate cuts in September. He noted that the bar for cuts is higher than it typically is because the Fed fears a reacceleration of inflation. He also noted that the election a few months away could play a role."They're thinking maybe if they start cutting rates, they're going to be brought into the political debate, and it's a pretty uncomfortable place to be," he said.This isn't the first time Trump has criticized Powell and the FOMC's interest rate decisions. During a February interview with Fox News, <a target="_blank" href="https://www.businessinsider.com/trump-interest-rate-cuts-powell-help-democrats-win-elections-inflation-2024-2">Trump accused Powell of being "political"</a> and planning interest rate cuts to coincide with the election."I think he's going to do something to probably help the Democrats, I think, if he lowers interest rates," Trump said, adding that "it looks to me like he's trying to lower interest rates for the sake of maybe getting people elected."Powell has consistently maintained the Federal Reserve is an independent entity that does not consider politics or policymaking in its decisions. Powell <a target="_blank" href="https://www.businessinsider.com/interest-rate-cuts-presidential-election-wont-impact-timing-powell-trump-2024-4">said in April</a> during Stanford's Business, Government, and Society Forum that "our analysis is free from any personal or political bias, in service to the public.""But our decisions will always reflect our painstaking assessment of what is best for our economy in the medium and longer term — and nothing else," Powell said.Zandi said the Fed may want to have a few more months of "good inflation statistics" — like the consumer price index data for June, which was released on July 11 — so that it can "mitigate the risk that they become politicized."Trump <a target="_blank" href="https://www.businessinsider.com/donald-trump-campaign-fed-independence-jerome-powell-interes-rates-politics-2024-4">allies</a> were reportedly writing a plan to curb the independence of the Federal Reserve and <a target="_blank" href="https://www.businessinsider.com/trump-interest-rate-decisions-restructure-federal-reserve-jerome-powell-wsj-2024-4">allow Trump to have a say</a> in interest rate decisions should he win the upcoming election, according to The Wall Street Journal.Trump told Bloomberg Businessweek that while he's had his "own disputes" with Powell, he would allow him to finish his term as Chair of the Federal Reserve if Trump thought he "was doing the right thing."

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