China and Kazakhstan: Shifting Savings from Cattle to Gold

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Money Market Guru — China and Kazakhstan: Shifting Savings from Cattle to Gold — A landlocked nation perched between China and Kazakhstan is embarking on an experiment with little parallel worldwide: shifting savings from cattle to gold.

One of the first post-Soviet republics to adopt a new currency and let it trade freely, Kyrgyzstan’s central bank wants every citizen to diversify into gold. Governor Tolkunbek Abdygulov says his “dream” is for every one of the 6 million citizens to own at least 100 grams (3.5 ounces) of the precious metal, the Central Asian country’s biggest export.

India May Cut the Amount of Capital it Plans

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Money Market Guru — India may cut the amount of capital it plans to inject into state-controlled lenders this fiscal year by as much as 78 billion rupees ($1.2 billion) because of slow loan growth, people with knowledge of the matter said.

The government, which had promised to inject 250 billion rupees into the lenders in the year ending March 31, has decided to defer 21 billion rupees of the pledged amount into next financial year, the people said, asking not to be identified because the information isn’t public. It’s also considering the deferral of another 57 billion rupees, they said. Finance Ministry spokesman D.S. Malik declined to comment.

Fed Is Behind the Curve

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Money Market Guru — Fed Is Behind the Curve — Senior Federal Reserve officials have commented recently on how undesirable it would be if the Donald Trump administration implemented expansionary fiscal policy right now.

This new view is inconsistent with the Fed’s prior position that the labor market is not tight and that meaningful room remains for additional hiring. The Fed argued for some time that there still was plenty of slack in the labor market — the central bank’s primary justification for raising interest rates only very slowly over an extended period. If the Fed really believes that there is a lot of room for incremental hiring and that inflation will remain at bay for another two years, a more stimulative fiscal policy should be welcomed, not discouraged.

Federal Reserve Chair Janet Yellen Said More Interest-Rate Increases

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Gold Silver Reports — Federal Reserve Chair Janet Yellen said more interest-rate increases will be appropriate if the U.S. economy meets the central bank’s outlook of gradually rising inflation and tightening labor markets.

“At our upcoming meetings, the committee will evaluate whether employment and inflation are continuing to evolve in line with these expectations, in which case a further adjustment of the federal funds rate would likely be appropriate,” she told the Senate Banking Committee in prepared remarks Tuesday.

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