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Fed cuts interest rates to zero

 

 

Indian Economic Update

 

  • RBI absorbed liquidity to the tune of INR 2997.62 billion (net) under Liquidity Adjustment Facility (LAF) (including fixed and variable rate repos and reverse repos) as of Mar 11. It injected Marginal Standing Facility (MSF) of INR 0.2 billion and Special Refinancing Facility of INR 18.15 billion.
  • The Indian Government increased duties on petrol and diesel by Rs 3 per litre, the steepest hike since 2012. The Centre notified a Re 1 per litre increase in road and infrastructure cess collected as an additional excise duty and Rs 2 per litre increase in special excise duty.

 

Global Update

 

  • Federal Reserve in another emergency move slashed its Fed fund rates by one percentage point to 0-0.25% and announced a boost its bond holdings of USD 700 billion. The Fed also reduced its reserve requirement ratio to 0% and lowered the primary credit rate by 150 basis points to 0.25%, effective Mar 16, 2020 along with other intra-day credit facility.
  • China data plunged more sharply than expected as shown in its latest monthly release of February. Industrial output plunged 13.5% in January and February from a year earlier, versus a median estimate for a 3% contraction. Retail sales fell 20.5% in the period, compared to a projected 4% fall. Fixed-asset investment dropped 24.5%, versus a forecast of 2% decline. The unemployment rate jumped to 6.2%, the highest on record.
  • oronavirus cases topped 1,66,000 worldwide as deaths exceeded 6,400. Governments worked to slow the spread of the outbreak. New York City and Los Angeles limited restaurants and bars to takeout and delivery service, and shut entertainment venues. Germany announced it will impose temporary controls on its borders with France, Switzerland, Austria, Denmark and Luxembourg on Monday.