World
US Fed Reserve may raise interest rates by midyear
Washington: In a move that would likely impact both emerging markets like India and advanced economies, the US central bank Wednesday dropped an assurance to be “patienta” in raising interest rates and signaled the hike could come by mid year.
But in a statement issued after a two-day meeting of its policy-making committee, the Federal Reserve also emphasised that it might still delay the decision to raise the rates for the first time since the 2008 financial crisis, until later this year.
The Fed’s announcement moved the central bank to the verge of ending a period of more than six years in which it has held short-term interest rates near zero.
“Just because we removed the word patient from the statement doesn’t mean we are going to be impatient,” Fed chairperson Janet Yellen said at a press conference here at the end of Federal Open Market Committee’s (FOMC) two-day meeting.
In a statement issued after the meeting, the committee said it will be appropriate to tighten “when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term.”
The central bank stressed that it has not decided on the timing of the initial increase and that action is “unlikely at the April meeting.”
“The committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective,” it said.
Striking an optimistic note about the economic outlook for the US, the committee said it “expects that, with appropriate policy accommodation, economic activity will expand at a moderate pace.”
The stock market surged on the news. The Dow was falling over 100 points before the Fed statement and is now over 100 points higher.
Dropping “patienta” gives the Fed more options on when it wants to raise interest rates. While the expectation is for an initial rate hike in June, the Fed has repeatedly said that it will only take action if the economy stays healthy, CNN said.
“Removing the word ‘patience’ simply gives the Fed flexibility,” it said citing Greg Valliere, chief political strategist at Potomac Research Group.
The key factors the Fed will be watching as it decides when to raise rates are hiring, inflation, economic growth and the increasingly valuable — perhaps too valuable — US dollar, CNN said.
Ahead of the Fed meeting, IMF Managing Director Christine Lagarde had warned that emerging markets like India must prepare for the impact of a rise in US interest rates.
In a speech at Reserve Bank of India in Mumbai Tuesday, she also warned that markets could be heading for a repeat of the 2013 “taper tantrum.”
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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