LIVE: US Fed keeps key rates steady at 5.25-5.50%, signals 3 cuts in 2024

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12:35 AM

US Fed holds policy rate in 5.25%-5.50% range

The Federal Reserve held interest rates steady on Wednesday and signaled in new economic projections that the historic tightening of U.S. monetary policy engineered over the last two years is at an end and lower borrowing costs are coming in 2024.

A near unanimous 17 of 19 Fed officials project that the policy rate will be lower by the end of 2024 than it is now - with the median projection showing the rate falling three-quarters of a percentage point from the current 5.25 per cent-5.50 per cent range. No officials see rates higher by the end of next year.

12:26 AM

Powell-led FOMC to unveil policy decision shortly

Fed Chair Jerome Powell will unveil the FOMC policy decision on interest rates shortly. Powell will also address a post-policy press conference after the statement.

11:48 PM

Powell-led FOMC expected to keep interest rates steady at 22 year high-mark

The US Federal Reserve began its two-day interest rate deliberations on December 12 and will announce its key overnight interest rate decision today. It is widely expected to maintain policy rates in the current 5.25-5.50 per cent range.
Besides, the US central bank is expected to remain hawkish as inflation remains above its 2 per cent target. In its previous meeting on November 1, Jerome Powell-led Federal Open Market Committee (FOMC) held interest rates steady at a 22-year high for the second time in a row, even as the US economy remains resilient despite high interest rates while inflation still remains above the Fed's 2 per cent target level.
The US central bank, in addition to the rates decision, will also release Summary of Economic Projections at today's press conference, which is scheduled for 2 pm on December 13 (12.30 am IST on December 14).

11:23 PM

LS Secretariat reminds members to get their smart cards to access Parliament House

On a day the Parliament witnessed a major security breach, the Lok Sabha Secretariat on Wednesday reminded MPs to get their 'smart cards' prepared for accessing the new building.

It also reminded them that access to the Parliament House is also facilitated at building gates, Lok Sabha and Rajya Sabha lobbies, and certain other places with the help of the Facial Recognition System.

In a bulletin, the secretariat said while several members have smart cards, those who have not registered for the Visitors' Management System should do so.

10:03 PM

US Treasury's Yellen sees consistent patterns of inflation coming down (Reuters)

US Treasury Secretary Janet Yellen on Wednesday said she saw a consistent pattern of inflation falling over time and noted turbulence in the job market had really settled down.

10:02 PM

Gangster Sukhdev Singh alias Vicky killed in cross-firing

Gangster Sukhdev Singh alias Vicky, a resident of Machhiwara (in Punjab), was killed in cross-firing after he opened fire while being chased by CIA team of Ludhiana Police. "Police was trying to trace this gang for a long time. They committed several crimes, shot many people and looted them. Three members of the gang have already been arrested and the fourth one - Sukhdev alias Vicky - was being chased by the police. When the police tried to arrest him, he opened fire in which an ASI was injured. He was neutralised in cross-firing," says Ludhiana Commissioner of Police Kuldeep Singh Chahal.

10:02 PM

Wall Street drifts near record-high ahead of Powell-led FOMC statement

Wall Street is drifting near its all-time high Wednesday, ahead of an afternoon announcement from the Federal Reserve that could show whether all the optimism is warranted.

 

The S&P 500 was 0.1 per cent higher in morning trading and just 3.1 per cent below its record set early last year. The Dow Jones Industrial Average was down 8 points, or less than 0.1 per cent, as of 10:20 a.m. Eastern time, and the Nasdaq composite was 0.3 per cent higher

 

Big Tech stocks were helping to lead the way after getting some relief from easing yields in the bond market. Treasury yields sank after a report showed inflation at the wholesale level was a touch cooler last month than economists expected, and Nvidia rose 1.7 per cent.

10:01 PM

Gold advances as yields weaken ahead of Fed verdict

Gold extended gains on Wednesday, as subdued Treasury yields boosted the bullion's appeal, while investors awaited the outcome of US Federal Reserve's meeting for cues to its monetary policy outlook. Spot gold gained 0.2 per cent at $1,982.49 per ounce as of 9:50 a.m. ET (1450 GMT). US gold futures rose 0.2 per cent to $1,997.70. The US 10-year Treasury yields retreated further after inflation data. In the 12 months through November, the US producer prices rose 0.9 per cent after advancing 1.2 per cent in October, according to news agency Reuters.

10:01 PM

US dollar gains before Fed meeting statement, rate projections

The US dollar edged up against the euro on Wednesday ahead of the conclusion of a Federal Reserve policy meeting that could offer some insight into when the US central bank will begin lowering interest rates. The main market focus will be on Fed officials’ updated economic and interest rate projections, with the US central bank expected to leave rates unchanged for the third consecutive meeting, according to Reuters.

9:38 PM

Gold advances as yields weaken ahead of US Fed verdict

Gold extended gains on Wednesday, as subdued Treasury yields boosted the bullion's appeal, while investors awaited the outcome of US Federal Reserve's meeting for cues to its monetary policy outlook.

Spot gold gained 0.2% at $1,982.49 per ounce as of 9:50 a.m. ET (1450 GMT). U.S. gold futures rose 0.2% to $1,997.70.

U.S. 10-year Treasury yields retreated further after inflation data. In the 12 months through November, the US producer prices rose 0.9% after advancing 1.2% in October. 

9:27 PM

New Madhya Pradesh CM takes charge of office after performing puja

Newly-appointed Madhya Pradesh Chief Minister Mohan Yadav on Wednesday took charge of his office at the state secretariat here after performing puja inside his chamber, sources said.

After taking oath as CM earlier in the day, Yadav, who represents the Ujjain South constituency, visited the famous Mahakaleshwar temple, they said.

He took charge of the CM's office at the state secretariat, Vallabh Bhavan, at around 5 pm, sources added.

9:24 PM

Parliament security breach condemnable, SKM or BKU not linked: Rakesh Tikait

Farmer leader Rakesh Tikait condemned the security breach in Parliament on Wednesday and said neither the Samyukta Kisan Morcha nor the Bhartiya Kisan Union were linked to the incident as reported by a section of media.

Tikait is the national spokesperson of the Uttar Pradesh-headquartered Bhartiya Kisan Union and a prominent face of the farmers' umbrella body Samyukta Kisan Morcha which had spearheaded a major protest against Centre's now-repealed farm laws in 2020-21.

During interrogation by the police, one of the accused Amol Shinde revealed that they were "upset over issues such as the farmers' protest, Manipur crisis, unemployment, that's why they committed this act," a source told PTI.

9:21 PM

CM Mann conducts surprise visit to government schools in Rupnagar

Punjab Chief Minister Bhagwant Mann on Wednesday conducted a surprise inspection of several government schools in the district to take first hand information about the ongoing "revolutionary changes in the state's education sector", said an official statement.

Mann visited the School of Eminence in Sukho Majra and the Government Senior Secondary School in Lutheri, Rupnagar, besides other schools to inspect the existing facilities.

"During the visit, he emphasised that his intention was not to instill panic but to personally inspect the working of the government schools, aiming to guarantee quality education for the children as well as address any shortcomings," the statement added.

9:17 PM

Cal HC grants immunity from arrest to ex-VC of Visva-Bharati till Jan 11 over letter to Mamata

The Calcutta High Court on Wednesday directed the police not to arrest former Visva-Bharati vice-chancellor Bidyut Chakrabarty till January 11 in connection with an FIR lodged against him over a letter he wrote to Chief Minister Mamata Banerjee.

Chakrabarty had written the letter to the CM on November 7, a day before his retirement. An FIR was lodged by a person in Santiniketan Police Station over contents of the letter, including reference to Banerjee's interest in writing poetry and painting.

He was charged under Section 505(2) (statements creating or promoting enmity, hatred or ill-will between classes) of the Indian Penal Code.

9:05 PM

Powell-led FOMC expected to keep rates steady at 22-year high-mark

The US Federal Open Market Committee started it's 2-day meeting on December 12 and will conclude today. It is widely expected to maintain policy rates in the current 5.25-5.50 per cent range. Besides, the US central bank is expected to remain hawkish as inflation remains above its 2% target. The US central bank, in addition to the rates decision, will also release Summary of Economic Projections at today's press conference, which is scheduled for 2 pm on December 13

8:29 PM

Net borrowing ceiling: Kerala moves SC alleging interference by Centre

The Kerala government has approached the Supreme Court accusing the Centre of interfering in exercise of its "exclusive, autonomous and plenary powers" to regulate the state's finances by imposing a ceiling on net borrowing.

In an original suit filed under Article 131 of the Constitution, the Kerala government has said the Constitution bestows fiscal autonomy upon states to regulate their finances under various articles, and the borrowing limits or the extent of such borrowings are regulated by a state legislation.

Article 131 of the Constitution deals with original jurisdiction of the apex court in any dispute between the Centre and states.

8:00 PM

Indian banks increased their overseas presence through the subsidiaries route: RBI

Indian banks increased their overseas presence through the subsidiaries route and their employee strength rose by 0.5 per cent and 6.2 per cent for foreign branches and subsidiaries, respectively, during 2022-23, RBI said in its Survey on International Trade in Banking Services, 2022-23.

 

7:59 PM

Branches of Indian banks in the UAE generated highest fee income: RBI survey

Branches of Indian banks in the United Arab Emirates (UAE) generated highest fee income, followed by those in the United Kingdom (UK), Hong Kong and Singapore, RBI said in its Survey on International Trade in Banking Services, 2022-23.

7:39 PM

MP CM Mohan Yadav has ordered ban on unregulated use of loudspeakers

After assuming the chair, Madhya Pradesh CM Mohan Yadav has ordered a ban on the unregulated use of loudspeakers in religious places and other public places.

6:43 PM

6 suspected to be involved in Parliament security breach, 4 held: Report

The Delhi Police suspects the involvement of two more people along with the four who have already been held in the Wednesday security breach of Parliament, sources said.

All six were known to each other and were staying in a house in Gurugram, they claimed.

Amol Shinde and Neelam -- caught outside the Parliament -- and Sagar Sharma and Manoranjan D -- held inside the Lok Sabha chamber -- are in police custody. Two more, identified as Lalit and Vikram, and suspected to be their accomplices, are being looked for.

6:38 PM

Tracking system RTIS covers 8,700 train engines at present: Vaishnaw

About 8,700 locomotives have Real Time Train Information System (RTIS) that helps in tracking the location and speed of trains, Railway Minister Ashwini Vaishnaw informed the Lok Sabha in a written reply on Wednesday.

The minister's statement suggests that over 60 per cent of train engines are covered with RTIS since railway sources say there are over 14,000 locomotives in operation in the country.

According to the Indian Railways Year Book 2021-22, there were a total 13,215 locomotives by March 31, 2022. This number was 12,734 in 2020-21.

6:35 PM

Russia asks India to keep in mind old ties, help from Soviets in 1971

A high-ranking Russian official on Wednesday said India must keep in mind the old ties and the help Russia has rendered in the past.

The comments have come against the backdrop of a senior US official visiting the country to discuss various issues.

Maintaining that India has the right to pursue its own interests, Russia's Consul General in the financial capital Aleksei Surovtsev said Moscow will "appreciate" if India keeps certain facets of the Indo-Russian ties in mind.

5:45 PM

My son is honest and truthful, says father of man who jumped into Lok Sabha chamber

The father of one of the two men who jumped into the Lok Sabha chamber on Wednesday claimed his son is honest and truthful and always desired to do good for the society. Devaraje Gowda, father of Manoranjan, said his son was a "good boy."

"My son is a good boy. He is honest and truthful. His only desire is to do good for the society and sacrifice for the society. He used to read Swami Vivekananda's books. I think he developed such thoughts after reading these books," Gowda told reporters.

"It is difficult to understand what was running in his mind. My son completed his BE (Bachelor in Engineering) in 2016 and was looking after the farm. He also worked in some firms in Delhi and Bengaluru," he added.

5:44 PM

Row over some children refusing mid-day meals in Karnataka govt school

Some activists in this district on Wednesday alleged that a few children ''boycotted" mid-day meal in a government school in Sira Taluk because a Dalit woman was cooking food', a charge rubbished by officers of the Education Department.

Some children in a government school in Naragondanahalli reportedly refused to have meals.

Dalit activists in the village claimed that the children of the chairman and members of the School Development and Monitoring Committee (SDMC) brought separate lunch boxes because the woman who cooked food was from the untouchable community'.

5:15 PM

HC asks EC to hold Pune LS bypoll immediately, terms its stand on issue bizarre, unreasonable

The Bombay High Court on Wednesday asked the Election Commission of India to immediately hold the bypoll for the Pune Lok Sabha seat, stressing that people from the constituency cannot be left unrepresented for a long time.

A division bench of Justices Gautam Patel and Kamal Khata ripped into the EC's stand on not holding the elections as it was busy with other polls, including preparation for the 2024 Lok Sabha elections, calling it bizarre and wholly unreasonable.

The Pune Lok Sabha seat has been vacant since the death of sitting BJP Member of Parliament (MP) Girish Bapat on March 29 this year.

4:21 PM

Bhajan Lal Sharma to be sworn in as Rajasthan CM on December 15

The swearing-in ceremony of Bhajan Lal Sharma, the chief minister-designate in Rajasthan, and his deputies Diya Kumari and Prem Chand Bairwa will be held on December 15.

A BJP spokesperson said the oath ceremony will be held outside Albert Hall at 11.15 am on Friday.

Sharma, a first time MLA, was on Tuesday announced as the chief minister-designate during a BJP Legislature Party meeting in the presence of the party's central observers Rajnath Singh, Saroj Pandey and Vinod Tawde.

4:18 PM

BJP leaders Arun Sao and Vijay Sharma take oath as Deputy CMs of Chhattisgarh

BJP leaders Arun Sao and Vijay Sharma take oath as Deputy CMs of Chhattisgarh, in the presence of PM Modi and Union Home Minister Amit Shah and other senior leaders, in Raipur

4:01 PM

PM Modi attends swearing-in ceremony of Chhattisgarh CM-designate in Raipur

3:51 PM

Police identify other person who jumped into LS chamber

Police are learnt to have identified the second person who jumped into the Lok Sabha chamber as Manoranjan.

The other person has been identified as Sagar Sharma from the visitor pass in his possession.

The two had jumped inside the House from the public gallery and opened canisters that emitted a yellow-coloured smoke, triggering panic among the MPs.

Delhi Police Commissioner Sanjay Arora and other senior officers visited the Parliament House complex to take stock of the situation after the security breach on Wednesday.

Separately, a man and a woman, identified as Neelam, 42, of Haryana's Hisar, and Amol Shinde, 25, of Maharasthra's Latur area were detained on Wednesday while they were protesting outside the Parliament building carrying cans that emitted a yellowish and red smoke.

3:37 PM

Apparently sponsored by a sitting MP of the ruling party: Tharoor on security breach in Parliament