Organizers claimed that nearly 2 million Hong Kong protesters took to the streets Sunday in a rally to demand the city's top official resign a day after she suspended — but...China Politicsread more
Heavy rains caused unprecedented delays in planting this year and contributed to record floods across the central United States.Agricultureread more
Although Cook did not mention companies by name, his commencement speech in Silicon Valley's backyard mentioned data breaches, privacy violations, and even made reference to...Technologyread more
U.S. ambassador to Israel David Friedman called the gesture a "birthday present" to Trump, who turned 73 on Friday.Politicsread more
The agreement, which is on the framework for the plan of adjustment, provide for more than a 60% average haircut for all $35 billion, a 36% haircut on pre-2012 general...Bondsread more
In the survey, 66% of Democratic primary voters say they'd be enthusiastic or comfortable about Biden as their nominee to take on President Trump in the 2020 election. Just...Politicsread more
Target's registers were down on Saturday for several hours preventing customers from checking out.Retailread more
The newspaper wrote that Goldman's executive are hoping CEO David Solomon's changes to a firm that historically thrived in investment banking and trading will boost its...US Marketsread more
The Fed is not likely to make a move on interest rates when it meets next week, but it should clear the way for a rate cut later in the summer.Market Insiderread more
Representatives from the Chinese side say they think it likely that Chinese President Xi Jinping will attend the G-20 meeting later this month. But in order to reach a trade...China Economyread more
With uncertainty keeping a lid on U.S. stocks, Ed Clissold of Ned Davis Research says the rest of 2019 is likely to be a "choppy," but somewhat opportunistic, ride for...Futures Nowread more
New Delhi ministers and economists alike are hoping for further monetary easing from the Reserve Bank of India (RBI) but in an exclusive interview with CNBC, central bank governor Raghuram Rajan hinted that any imminent rate cuts were unlikely.
A decline in food prices—long a thorn in the side of policymakers in Asia's third-largest economy—has helped cool inflation, bolstering expectations that India's central bank still has room to lower rates further from their current 6.75 percent.
But the central bank's policy scope may not be as ample as previously thought, according to Rajan.
"My sense is that the underlying inflation is between 5-5.5 percent right now, that's the sort of run rate, so we probably will get back to that by the end of the year," he told CNBC's Martin Soong.
"So, that doesn't give us a lot of room below the 6 percent [repo rate]. Our sense is that over the course of the next year, because of disinflationary forces and the weak state of the global economy, it will come close to 5 which is what we're targeting for March of 2017."
After averaging around 10 percent in 2013, consumer price inflation (CPI) stood at 4.41 percent in September, above August's 3.7 percent reading but still well within the central bank's targeted range. The RBI wishes to contain consumer price inflation (CPI) within 6 percent by January.
Citi economist Anurag Jha is forecasting inflation around 4.8 to 5 percent in the 2016-17 financial year after hitting 5.1 percent in October.
The RBI last cut its benchmark policy rate—the repo rate—by 50 basis points to 6.75 percent at the end of September in order to kick start the economy amid flagging economic indicators like industrial production, according to minutes of the monetary policy committee. So far this year, the RBI has lowered rates a total of four times by a cumulative 1.25 percent.
Finance minister Arun Jaitley has repeatedly told media that he hoped further cuts were on the table now that one of Asia's largest economies finally has inflation under control.
Cheaper oil has underpinned expectations for continued low inflation seeing as India is a net-energy importer. But while Rajan acknowledged the many benefits India receives from tumbling commodity prices, he's aware they could end anytime.
"It's a free pass but remember that what commodity prices do is affect the price of manufactured goods, remember that food inflation has somewhat been kept under check by agricultural commodities, which have held up. But where we're seeing some traction is in services inflation, which was the source of the high inflation earlier....we take all the luck we get, obviously there is some policy involved also."
On the topic of Prime Minister Modi's new gold monetization scheme, Rajan was confident that people would flock to the initiative.
Under the program, owners can store their yellow metal in banks and earn interest of 2.25-2.50 percent a year until it's withdrawn. Local media reports estimate Indians have more than $800 billion of the yellow metal in storage as the country surpassed China to become the world's largest gold buyer this year.
"It is an inflation protected bond in some sense—it is exposed to the gold price—but if you don't mind getting gold you are essentially buying gold in advance and getting an interest rate to boot, that looks like an attractive product especially for those saving for their daughter's wedding or their son's marriage or whatever, so that I think will be attractive," Rajan said.