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US Federal Reserve after a two-day meeting on Thursday decided to keep interest rates unchanged at 0-0.25 per cent following uncertainties in the global markets and in line with growing calls to defer its interest rate hike amidst the prevailing market volatility. We look at the US Fed decision and what it means: (AP)
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Experts say that the US decision would provide the markets a sigh of relief as a rate hike would have spooked already weak investor sentiments in emerging markets. Domestic equity markets opened on a positive note on Friday, Sept 18, 2015 and rallied over 500 points intraday. (Reuters)
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The stock markets have though saluted the US Federal Reserve’s decision to leave the benchmark rates unchanged but they seem to have ignored the underlying message namely that global growth remains very fragile. (Reuters)
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The foreign institutional investors have already pulled out over Rs 20,000 crore from the Indian equities since August 1, 2015 and over Rs 1,500 crore from the domestic debt following concerns of slowdown in China and other emerging markets, but Thursday’s decisions eased the nerves for now and limited the fund outflows from emerging markets including India. (Reuters)
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1. Budget 2016: Increase in income tax exemption limits – Whenever it comes to the expectations from the Budget, the woes of the salaried class come into focus. Given the rising cost of living, the salaried class is expecting that the basic exemption limit be hiked to Rs 3 lakhs from the current Rs 2.5 lakhs. There is also a widespread expectation that FM Arun Jaitley will add some more savings products and hike the limit of exemption to Rs 2 lakh from Rs 1.5 lakhs currently under Section 80 C and revise the overall limit to Rs 2 lakh. Along with this, there is also an expectation that the Government will rationalize house rent allowance (HRA) exemption. Currently this exemption is calculated as the amount which is least of rent minus 10% of basic salary. In case one stays in a metro, actual rent paid and 50% of basic salary or 40% in case of residence in any other city. Cities like Pune, Hyderabad, Bengaluru and Gurgaon have attracted a lot of professionals and here rents have gone up considerably. There is therefore an expectation that Arun Jaitley would extend the rule of 50% of rent to such cities as well. (Reuters)
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According to Edelweiss Research, US Fed did't go for a rate hilke this time due to 3 factors. </br><br>a) Janet Yellen categorically mentioned the China/EM slowdown could hurt US economic growth and also push down inflation in near term.</br><br> b) Stronger dollar and rise in corporate spreads have already led to tightening of domestic financial conditions.</br><br>c) Fed sees downward pressure on inflation in the near term. It has revised down its 2015 PCE inflation projection from 0.7% to 0.4%. (AP)
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