Highlights of the day: Fed keeps key rates unchanged at 5.25-5.50%

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11:58 PM

Powell-led FOMC keeps key rates unchanged at 5.25-5.50% for 5th straight meeting

The US Federal Reserve, on Wednesday, announced its decision to keep the benchmark interest rates steady at 5.25 - 5.50 per cent, aligning with market predictions. This marks the fifth consecutive meeting without a change in rates. In its initial policy-setting meeting of the year, the rate-setting panel unanimously agreed to maintain the policy rate at its highest in 23 years. The panel indicated that it is unlikely to lower the target range until there is more confidence that inflation is steadily returning to the two per cent target. Since March 2022, the Federal Reserve has increased the policy rate by a total of 5.25 percentage points, representing one of the most rapid responses to increasing inflation in recent history. However, the central bank has held the rate steady since July, as inflation shows signs of nearing its target.

11:45 PM

FOMC signals that it will make 3 rate cuts in 2024

The Federal Reserve held interest rates steady on Wednesday, but policymakers indicated they still expect to reduce them by three-quarters of a percentage point by the end of 2024 despite stodgier expected progress towards the US central bank's two per cent inflation target.

 

The Fed's new policy statement described inflation as remaining "elevated," and updated quarterly economic projections showed the personal consumption expenditures price index excluding food and energy rising at a 2.6 per cent rate by the end of the year, compared to 2.4 per cent in the projections issued in December.

11:37 PM

Powell-led FOMC to deliver policy verdict shortly

The US Federal Reserve will reveal its interest rate decision following a two-day Federal Open Market Committee (FOMC) meeting on Wednesday. Wall Street forecasts suggest the US central bank is poised to maintain the benchmark interest rates at 5.25 - 5.50 per cent for the fifth consecutive meeting. Concluding its initial policy-setting meeting of the year, the rate-setting panel voted unanimously to keep the policy rate at a 23-year peak. However, it noted that reducing the target range is not anticipated until there is greater assurance that inflation is consistently approaching the two per cent mark. Since March 2022, the Federal Reserve has increased the policy rate by a total of 5.25 percentage points, responding rapidly to surging price pressures. However, since July, the central bank has held the policy rate steady, as inflation gradually moves towards its target.

9:46 PM

Facebook, Instagram users reporting problems: Reports

Facebook, Instagram users reporting problems, according to Downdetector.

9:35 PM

I-Process Services (India) has become subsidiary of ICICI bank

9:30 PM

A safe country is the basis of a developed India: PM Modi at News18 conclave

India has no reason to be behind any country; we have to work with 'nation first' approach: PM Modi at News18 summit. 

9:30 PM

ECI cracks down on unauthorised political ads

The Election Commission of India has taken serious note of the non-compliance/partial compliance of its instructions and hereby directs all State/UT Governments to immediately remove all unauthorised political advertisements and ensure full compliance with its aforesaid instructions, ECI notified. The Commission has been receiving complaints from Congress and other quarters alleging that unauthorised political advertisements are still being displayed in many places across the country.

8:48 PM

PM Modi's March 21-22 Bhutan visit postponed

PM Modi's March 21-22 Bhutan visit postponed due to inclement weather conditions there; New dates being worked out: MEA. 

7:45 PM

All agency banks to remain open for public on Sunday, March 31, 2024

All agency banks to remain open for public on Sunday, March 31, 2024

7:36 PM

Nomination process for first phase of Lok Sabha polls begins

The nomination process for 102 parliamentary constituencies spread across 21 states and Union territories, where polling would be held in the first phase of the Lok Sabha elections on April 19, began Wednesday with the issuance of a notification.

 

In the first phase, polling will be held in Arunachal Pradesh (2 seats), Assam (5), Bihar (4), Chhattisgarh (1), Madhya Pradesh (6), Maharashtra (5), Manipur (2),

 

Meghalaya (2), Mizoram (1), Nagaland (1), Rajasthan (12), Sikkim (1), Tamil Nadu (39), Tripura (1), Uttar Pradesh (8), Uttarakhand (5), West Bengal (3), Andaman and Nicobar (1), Jammu and Kashmir (1), Lakshadweep (1) and Puducherry (1).

 

The last date for filing nomination papers is March 27. However, due to a festival, March 28 is the last date for filing nominations for the Lok Sabha seats in Bihar going to polls in the first phase. Voting in four out of 40 seats in Bihar will be held in the first phase.

 

Nomination papers will be scrutinised on March 28. For Bihar, it would be done on March 30.

7:29 PM

Sadhguru undergoes surgery for chronic brain bleed at Delhi hospital

Sadhguru Jaggi Vasudev underwent surgery at a Delhi hospital for a life-threatening brain bleed, his Isha Foundation said in a statement. He is recovering well, and improving "beyond expectations", it added.
 

"The Apollo hospital neurosurgeons cut through my skull and tried to find something. But they found nothing... totally empty," Sadhguru jokes from his hospital bed after the surgery in a video posted on Instagram.

 

"... they gave up and patched it up. Here I am in Delhi, with a patched-up skull but no damage," he added.

6:37 PM

Centre notifies Fact Check Unit under PIB of Ministry of Information and Broadcasting

Centre notifies Fact Check Unit under PIB of Ministry of Information and Broadcasting as the fact check unit of the Central government.

5:58 PM

Unidentified gunmen open fire at Pakistan's Gwadar port, two attackers killed

Unidentified gunmen opened fire at Pakistan's Gwadar port authority complex in its restive Balochistan province, Geo News reported on Wednesday. Two attackers were killed in retaliatory firing by security personnel, the TV channel said, adding that a blast preceded the firing. Gwadar’s deputy commissioner and police did not immediately respond to requests for comment. Gwadar is located near the Strait of Hormuz, a crucial oil shipping route in the Arabian Sea.

4:57 PM

News update: BPSC cancels teacher recruitment examination 2024

After allegations of a paper leak emerged, Bihar Public Service Commission (BPSC) has cancelled the Teacher Recruitment Exam 2024 (TRE 3.0) which was conducted on March 15.

4:46 PM

NSUI members protest against Agniveer scheme; detained by Rajasthan police