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