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Indian markets react positively to unchanged US Fed policy

Indian markets react positively to unchanged US Fed policy

| | Mar 17, 2016, at 06:31 pm
Mumbai, Mar 17 (IBNS) The Indian benchmark indices began Thursday on a positive note after the Federal Reserve -- the US central bank -- on Wednesday decided to keep its interest rate policy unchanged.
The Federal Reserve (the Fed) cut its outlook for the nation's economy and kept its interest rate policy unchanged largely due to impact of the global slowdown and turmoil in world markets, according to reports. 
 
In a statement issued after the meeting, the Fed said that its Open Market Committee has "decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent. The stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation."
 
The Open Market Committee decides the level of interest rates.
 
The Fed had last raised interest rates in December (the first time in almost a decade) and had said it expects to raise rates four times in 2016. On Wednesday, the central bank said  it expects to raise rates just twice this year.
 
Voting for the FOMC monetary policy action were: Janet L. Yellen, Chair; William C. Dudley, Vice Chairman; Lael Brainard; James Bullard; Stanley Fischer; Loretta J. Mester; Jerome H. Powell; Eric Rosengren; and Daniel K. Tarullo. Voting against the action was Esther L. George, who preferred at this meeting to raise the target range for the federal funds rate to 1/2 to 3/4 percent.
 
Following positive date from other Asian markets, Indian benchmark indices too rallied during the opening hours on Thursdaywith the BSE Sensex going up over 255 points and the NSE Nifty recapturing its 7,500-mark. 

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