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Business Standard
13 hours ago
- Business
- Business Standard
US stocks stay supported
The US stocks edged up in last session as broad focus stayed on trade talks. The Nasdaq climbed 128.85 points or 0.7 percent at 19,242.61, the S&P 500 rose 24.25 points or 0.4 percent to 5,935.94 and the Dow added 35.41 points or 0.1 percent to 42,305.38. Economic cues were tepid as the ISM said its manufacturing PMI eased to 48.5 in May from 48.7 in April, with a reading below 50 indicating contraction. With the decline, the manufacturing PMI dipped to its lowest level hitting 48.4 in November 2024. Meanwhile, the US Fed Chair Jerome Powell failed to comment on the US economic outlook amid market uncertainty due to Trump tariffs.
Indian Express
a day ago
- Business
- Indian Express
Remembering Stanley Fischer: An economist for all
When news came about Stanley Fischer having passed away, I got emotional. I am penning these lines in the hope that people will learn about this unique human being. He was a three-dimensional Donald Bradman, a pinnacle reached by very few — indeed I don't know of any other. First, he was every (wo)man's economist. It is impossible for a student of macroeconomics to not have heard of him, and learnt from him. His Macroeconomics with Rudi Dornbusch is the go-to textbook if you want to understand macroeconomics. His students included our own Isher Ahluwalia (his second PhD supervision), a pre-eminent Indian macroeconomist and institution builder. Other formal PhD students have included Ben Bernanke, former chairman of the US Fed, Mario Draghi, former president of the European Central Bank, and Kazuo Ueda, present governor of the Bank of Japan. If that is not a lifetime's achievement award by itself, consider that among his students were Lawrence H Summers, former secretary of the US Treasury and president of Harvard University, and two chairpersons of the US Council of Economic Advisers, Christina Romer and Greg Mankiw. In a fundamental way, all policy economists were his students. In several seminars/discussions where I had the good fortune to be in the same room as Stan, it was obvious that we were all in awe of him. When he spoke, people listened. Because the quality of his insight commanded attention. His second mega-dimension achievement was in policy. He started on this path in 1988 when he was named chief economist at the World Bank. He left in 1990 for MIT, only to forever return to dominate and influence policy-making from 1994 onwards. I did not have the good fortune of being Stan's student or colleague. Then why am I emotional at his departure? Because of his third, and most important dimension, his humaneness. The dictionary defines humaneness as being about kindness, compassion, and consideration for others. Any story about Stan, and especially my story, is heavily one-sided. I cannot speak for others, but this is likely to be the case with them as well. It is about how he helped those in need, guided us and mentored us, without possibly recognising that he was having this influence. Two episodes from my interactions with him show this. I wasn't even an academic (just a proprietary currency trader at Goldman Sachs) when in 1993 he invited me to give a talk to his class at MIT. The policy topic: Do democratic societies grow at a faster rate than non-democratic countries? At that time, China had been growing at above 10 per cent per annum since the Great Economic Leap of 1978 and many assumed that dictatorship was the way to go. But not Stan, and not me — hence the unusual invitation to a non-academic for a seminar. Another example: My draft of a book on currency misalignments achieved a stop-the-press status in 2010 at a leading think tank, the Peterson Institute for International Economics (PIIE). I was an ordinary author — Stan was Stan. His response to my email requesting his help was short (as were all his emails) and accurate. 'This must have fallen prey to some issues relating to countries that intervene in their FX markets — and must therefore be all the harder to accept. I can understand your frustration… Best — and we should talk at some point.' It was only because of Stan's intervention and guidance (to PIIE and me) that allowed the book, Devaluing to Prosperity, to be finally published in 2012. Prakash Loungani documents in erudite detail Stan's conversion to policy (IMF Finance and Development, September 2013, 'A Class Act'). Stan found it hard adjusting to academic life at MIT from 1990-1993. 'I remember going to theory seminars and saying to myself, what difference does it make whether this guy is right or wrong?' Even becoming chairman of the Economics department at MIT 'was only partly inspiring,' says Fischer, likening the role to Alfred Kahn's description of a dean's role: 'The dean is to the faculty as the fire hydrant is to the dog.' Another of his attributes — his wicked, but polite, sense of humour. On policy influence — and paraphrasing Jane Austen — it is a truth universally acknowledged, that a country in economic trouble, wanted Stan Fischer to help steer it right. Stan, as first deputy managing editor at the IMF was in charge and helped resolve the East Asian currency crisis. He was governor at the Bank of Israel, 2005-13, and helped Israel both reform and most effectively face the 2008 Global Financial Crisis. He cut policy rates a week before even the Fed did. He was born in Rhodesia, now Zimbabwe. That explains his special connection with issues of development, growth and poverty reduction. It also explains part of my bond with him — he followed cricket. He was a unique multi-dimensional Bradman — there won't be another. The writer is chairperson of the Technical Expert Group for the first official Household Income Survey for India
Business Standard
2 days ago
- Business
- Business Standard
INR settles higher, Powell speech in focus
The Indian rupee appreciated 16 paise to settle at 85.39 (provisional) against the US dollar on Monday, supported by a weak American currency and on expectations of a further reduction in key interest rate by the Reserve Bank. The US dollar index sank under 99 mark on Monday amid renewed trade tensions between the United States (US) and China after the US President Donald Trump claimed on Friday that China had violated their trade agreement. The dollar index that measures the greenback against a basket of currencies is quoting at 98.63, down more than half a percent. Investors now await US Fed Chair Jerome Powell's speech and US ISM Manufacturing PMI for May. Powell will be speaking at the Federal Reserve Boards International Finance Division 75th Anniversary Conference in Washington. While INR rose today, a sharp gain in the local unit was prevented due to volatile equity markets, outflow of foreign funds and higher crude oil prices. RBI's Monetary Policy Committee (MPC) will begin the deliberations on its next bi-monthly policy on June 4 and the outcome is scheduled to be announced on June 6.
Mint
2 days ago
- General
- Mint
June 2025 Holiday list in US: Check summer celebrations ahead — Pride Month, Juneteenth, Father's Day and more
This year, 2025, there are a total of 12 federal listed holidays in the United States of America, according to a report by USA Today. And, with June officially marking the start of summer in the US, there are a host of celebrations ahead, including Juneteenth, Father's Day, and Pride Month. June 1-30 — Pride Month: Begining on the first of the month, till the end on 30th, June is celebrated as 'Pride Month', dedicated to the LGBTQ+ folk in the US, as per the report. LGBTQ+ stands for lesbian, gay, bisexual, transgender, queer and more. The celebrations mark LGBTQ history in the US, and include theme-based programmes organised by varous cities and businesses — this year's Pride in New York City has been themed as 'Rise Up: Pride in Protest', while Chicago has selected 'United In Pride', and San Diego Pride's is 'Unbreakabale Pride, Unshakeable Power', the report added. June 19 — Juneteenth National Independence Day: The US Federal Reserve (US Fed) considers Juneteenth a bank holiday, the report said. Further, it added that besides banks, schools and the US Postal Service will also remain shut on the occasion. The historic day symbolises the end of slavery in the US and celebrates African American resilience, culture, and the ongoing pursuit of equality. It commemorates June 19, 1865, when enslaved African Americans in Galveston, Texas, learned of their freedom. June 1-3 — Shavuot: A religious observance for Jewish citizens, Shavuot is the 'Evening of Sunday' and will be from June 1 (Sunday) to June 3 (Tuesday). A religious observance for Jewish citizens, Shavuot is the 'Evening of Sunday' and will be from June 1 (Sunday) to June 3 (Tuesday). June 4-9 — The Hajj : A religious obligation for Muslims, it is being observed from June 4-9th this year. A religious obligation for Muslims, it is being observed from June 4-9th this year. June 6-9 — Eid-al-Adha: A religious celebration for Muslims from June 6-9th this year. A religious celebration for Muslims from June 6-9th this year. June 8 — Pentecost (also known as Whit Sundays): A religious observation for Christians in the US, being celebrated on Sunday, June 8th. A religious observation for Christians in the US, being celebrated on Sunday, June 8th. June 19 — Feast of Corpus Christi: A religious observation for Christians in the US, being celebrated on Thursday, June 19th. June 1-30: African-American Music Appreciation Month June 6 (Friday): D-Day June 14 (Saturday): Flag Day — this is a national holiday in the US June 15 (Sunday): Father's Day June 20 (Friday): Summer solstice June 28 (Saturday): Stonewall Riots anniversary
Business Recorder
5 days ago
- Business
- Business Recorder
Trump steps up call for US rate cuts in talks with Fed chief
WASHINGTON: US President Donald Trump on Thursday stepped up the pressure on Federal Reserve chair Jerome Powell to cut interest rates, in their first sit-down since the Republican returned to the White House in January. Trump has in recent months trained his fire on the Fed chair – whom he first nominated to lead the independent central bank back in 2017 – accusing him of being 'too slow' to cut rates to boost economic growth. Powell and his colleagues on the Fed's rate-setting committee have insisted they will only cut rates from current levels when economic conditions allow. Trump told Powell that he was 'making a mistake by not lowering interest rates,' White House Press Secretary Karoline Leavitt told a press briefing after the meeting. Trump also said in the meeting that holding interest rates high was putting the United States at an 'economic disadvantage' to other countries, including China, Leavitt said. Trump calls US Fed chair 'fool' after pause in rate cuts Earlier Thursday, the Fed said Powell had defended US central bank independence over interest rates during the unusual meeting, which Trump had called to discuss 'economic developments including for growth, employment, and inflation.' 'Chair Powell did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook,' the Fed said in a statement. Powell said the Fed's rate-setting committee would make its decisions 'based solely on careful, objective, and non-political analysis,' it added. The meeting, the first since Trump began his second term, marks a ratcheting up of the pressure on Powell following the president's frequent social media posts criticizing him for moving too slowly to cut rates – a process that stokes both growth and inflation. Trump and Powell met on several occasions during the president's first term in office.
