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Will US Fed raise interest rates?

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Janet Yellen

Washington: The US central bank kicked off a policy meeting that ends Wednesday amid speculation about when the Federal Reserve will raise US interest rates – a move that would impact both advanced and emerging markets like India.

The Wall Street Journal suggested that the Fed “is about to inject uncertainty back into financial markets after spending years trying to calm investors’ nerves with explicit assurances that interest rates would remain low.”

US Federal Reserve Chairperson Janet Yellen is expected to announce its decision at a press conference Wednesday afternoon (midnight India time) at the end of the two-day meeting of Federal Open Market Committee’s (FOMC).

Investors are monitoring whether or not the word “patient” remains in the text as an indication of when short-term interest rates might go up. “In theory, less-clear-cut interest-rate guidance from the Fed should lead to more volatility in financial markets,” the Journal said.

“That’s because investors will be left less certain about a key variable in every asset-valuation model: the cost of funds,” it said.

USA Today also suggested that “the Fed is likely to drop a promise to be patient as it weighs interest rate hikes, clearing a path for an increase as early as June based on recent Fed guidance.”

The Fed’s benchmark rate has been near zero since the 2008 financial crisis, which has helped fuel the six-year bull market.

Meanwhile, after a strong start to the week, stocks ended mostly lower Tuesday as investors waited for clues on when the Fed may begin raising rates.

Ahead of the Fed meeting, IMF Managing Director Christine Lagarde warned Tuesday 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, she also warned that markets could be heading for a repeat of the 2013 “taper tantrum.”

At that time stocks fell and interest rates rose around the world as the Fed considered winding down its “quantitative easing” bond-buying programme.

“I am afraid this may not be a one-off episode,” Lagarde said. “The timing of interest-rate liftoff and the pace of subsequent rate increase can still surprise markets.”

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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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