*FOMC- Status Quo*
Statement 👇
The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.
Progress on vaccinations has reduced the spread of COVID-19 in the United States. Amid this progress and strong policy support, indicators of economic activity and employment have strengthened. *The sectors most adversely affected by the pandemic remain weak but have shown improvement* Inflation has risen, largely reflecting *transitory* factors. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.
The path of the economy will depend significantly on the course of the virus. Progress on vaccinations will likely continue to reduce the effects of the public health crisis on the economy, *but risks to the economic outlook remain*
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation having run persistently below this longer-run goal, the Committee will *aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer‑term inflation expectations remain well anchored at 2 percent* The Committee expects to *maintain an accommodative stance * of monetary policy until these outcomes are achieved. The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. *In addition, the Federal Reserve will continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage‑backed securities by at least $40 billion per month until substantial further progress* has been made toward the Committee's maximum employment and price stability goals. These asset purchases help foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses.
In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. *The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals* The Committee's assessments will take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments.
Statement 👇
The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.
Progress on vaccinations has reduced the spread of COVID-19 in the United States. Amid this progress and strong policy support, indicators of economic activity and employment have strengthened. *The sectors most adversely affected by the pandemic remain weak but have shown improvement* Inflation has risen, largely reflecting *transitory* factors. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.
The path of the economy will depend significantly on the course of the virus. Progress on vaccinations will likely continue to reduce the effects of the public health crisis on the economy, *but risks to the economic outlook remain*
The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation having run persistently below this longer-run goal, the Committee will *aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer‑term inflation expectations remain well anchored at 2 percent* The Committee expects to *maintain an accommodative stance * of monetary policy until these outcomes are achieved. The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. *In addition, the Federal Reserve will continue to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage‑backed securities by at least $40 billion per month until substantial further progress* has been made toward the Committee's maximum employment and price stability goals. These asset purchases help foster smooth market functioning and accommodative financial conditions, thereby supporting the flow of credit to households and businesses.
In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook. *The Committee would be prepared to adjust the stance of monetary policy as appropriate if risks emerge that could impede the attainment of the Committee's goals* The Committee's assessments will take into account a wide range of information, including readings on public health, labor market conditions, inflation pressures and inflation expectations, and financial and international developments.
*BREAKING: Federal Reserve keeps interest rates unchanged.* https://t.co/FR0FohFy5K
*IT cos set to slash 3 mn jobs by 2022: Report*
https://economictimes.indiatimes.com/jobs/it-companies-set-to-slash-3-mn-jobs-by-2022-due-to-automation-to-save-100-bn-in-cost-report/articleshow/83575396.cms
https://economictimes.indiatimes.com/jobs/it-companies-set-to-slash-3-mn-jobs-by-2022-due-to-automation-to-save-100-bn-in-cost-report/articleshow/83575396.cms
The Economic Times
IT companies set to slash 3 mn jobs by 2022 due to automation, to save $100 bn in cost: Report
According to the report, faster automation is driven by the shrinking talent pool of high-skilled jobs in developing economies, the need for which will only jump, but the global high-skill talent pool is shrinking and exposing outmoded immigration systems.
Suven Life Sciences to spend $40 mn on US clinical trials of two molecules targeting Alzheimer's
https://www.moneycontrol.com/news/business/companies/suven-life-sciences-to-spend-40-mn-on-us-clinical-trials-of-two-molecules-targeting-alzheimers-7044311.html
https://www.moneycontrol.com/news/business/companies/suven-life-sciences-to-spend-40-mn-on-us-clinical-trials-of-two-molecules-targeting-alzheimers-7044311.html
Moneycontrol
Suven Life Sciences To Spend $40 Mn On US Clinical Trials Of Two Molecules Targeting Alzheimer's
Though SUVN-502 failed to meet a phase two study in the US, trial data has shown that the drug shows some promising results on agitational symptoms of Alzheimer’s patients. SUVN-G3031’s clinical trial is expected to be completed in a year and a half.
PNB scam: CBI files chargesheet against ex-official of Gitanjali Group of cos - https://www.livemint.com/companies/news/pnb-scam-cbi-files-supplementary-chargesheet-against-ex-official-of-gitanjali-group-of-companies-11623847243071.html
Download mint app for latest in Business News - https://bit.ly/32XEfFE
Download mint app for latest in Business News - https://bit.ly/32XEfFE
mint
PNB scam: CBI files supplementary chargesheet against ex-official of Gitanjali Group of Companies
The CBI has filed a chargesheet against the former international head of the Gitanjali Group of Companies, Sunil Verma, others in connection with an alleged fraud in PNB involving an amount of over ₹7,080 cr.
Who’s Meeting Whom
Axis Bank: To meet ICICI Securities on June 18.
Eicher Motors: To meet Mahindra Manulife Investment Management on June 18.
Axis Bank: To meet ICICI Securities on June 18.
Eicher Motors: To meet Mahindra Manulife Investment Management on June 18.
Money Market Update
The rupee ended flat at 73.30 against the U.S. Dollar on Wednesday.
The rupee ended flat at 73.30 against the U.S. Dollar on Wednesday.
Trading Tweaks
Ex-Date Dividend: Tata Power Company
Ex-Date Final Dividend: Tata Elxsi, Tata Steel, Tata Communications, Raghav Productivity Enhancers, Havells India, Kansai Nerolac Paints, Torrent Pharmaceuticals, Thyrocare Technologies
Price Band Revised From 10% To 5%: Gateway Distriparks, Hinduja Global Solutions
Price Band Revised From 20% To 10%: Jai Corp
Move Into Short-Term ASM Framework Action Construction Equipment, Future Lifestyle Fashions, Marksans Pharma, Arshiya
Move Out Of Short-Term ASM Framework: Heritage Foods
Move Into ASM Framework: Sarda Energy & Minerals
Ex-Date Dividend: Tata Power Company
Ex-Date Final Dividend: Tata Elxsi, Tata Steel, Tata Communications, Raghav Productivity Enhancers, Havells India, Kansai Nerolac Paints, Torrent Pharmaceuticals, Thyrocare Technologies
Price Band Revised From 10% To 5%: Gateway Distriparks, Hinduja Global Solutions
Price Band Revised From 20% To 10%: Jai Corp
Move Into Short-Term ASM Framework Action Construction Equipment, Future Lifestyle Fashions, Marksans Pharma, Arshiya
Move Out Of Short-Term ASM Framework: Heritage Foods
Move Into ASM Framework: Sarda Energy & Minerals
Insider Trades
Adani Green Energy: Promoter Infinite Trade and Investment bought 15 lakh shares on June 15.
Advanced Enzyme Technologies: Promoter Advanced Vital Enzymes sold 88,579 shares between June 11-15.
Asian Granito India: Promoter Kamleshkumar Patel sold 1.50 lakh shares on June 15.
Aurobindo Pharma: Promoter Kambam Spoorthi sold 6 lakh shares on June 14.
APL Apollo Tubes: Promoter Veera Gupta sold 1.35 lakh shares between June 10-14.
Cantabil Retail India: Promoters (Deepak Bansal, Sushila Bansal and Vijay Bansal) bought 39,425 shares between June 14-15.
Godrej Agrovet: Promoter Godrej Industries bought 1.08 lakh shares between June 9-11.
Lincoln Pharmaceuticals: Promoter Munjal Patel bought 50,000 shares on June 16.
Newgen Software Technologies: Promoter Diwakar Nigam sold 12,342 shares on June 15.
Persistent Systems: Promoter Sulabha Deshpande sold 4,418 shares on June 15.
Page Industries: Promoters (Sunder Genomal, Ramesh Genomal and Nari Genomal) sold 6,380 shares between June 11-15.
Panama Petrochem: Promoter Panama Builders Developers bought 5,388 shares on June 14.
Strides Pharma Science: Promoter Triumph Venture Holdings LLP sold 35,937 shares on June 15.
Vardhman Special Steels: Promoter Sachit Jain bought 3,000 shares on June 14.
Adani Green Energy: Promoter Infinite Trade and Investment bought 15 lakh shares on June 15.
Advanced Enzyme Technologies: Promoter Advanced Vital Enzymes sold 88,579 shares between June 11-15.
Asian Granito India: Promoter Kamleshkumar Patel sold 1.50 lakh shares on June 15.
Aurobindo Pharma: Promoter Kambam Spoorthi sold 6 lakh shares on June 14.
APL Apollo Tubes: Promoter Veera Gupta sold 1.35 lakh shares between June 10-14.
Cantabil Retail India: Promoters (Deepak Bansal, Sushila Bansal and Vijay Bansal) bought 39,425 shares between June 14-15.
Godrej Agrovet: Promoter Godrej Industries bought 1.08 lakh shares between June 9-11.
Lincoln Pharmaceuticals: Promoter Munjal Patel bought 50,000 shares on June 16.
Newgen Software Technologies: Promoter Diwakar Nigam sold 12,342 shares on June 15.
Persistent Systems: Promoter Sulabha Deshpande sold 4,418 shares on June 15.
Page Industries: Promoters (Sunder Genomal, Ramesh Genomal and Nari Genomal) sold 6,380 shares between June 11-15.
Panama Petrochem: Promoter Panama Builders Developers bought 5,388 shares on June 14.
Strides Pharma Science: Promoter Triumph Venture Holdings LLP sold 35,937 shares on June 15.
Vardhman Special Steels: Promoter Sachit Jain bought 3,000 shares on June 14.