Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Economic Indicator

9 Dec 2021

Fed Plans to Raise Rates in Q3 of 2022 even as Hike Risks Loom

The Index Today

The Index Today — The U.S. Federal Reserve revealed plans on Thursday to lift rates during Q3 of 2022 due to increased inflation, which is earlier than what had been expected. However, economists in a poll conducted by Reuters also expressed concerns of a premature hike that will occur as a result.

The poll also anticipates the Federal Reserve to increase the rates by 25 basis points to 0.25-0.50% in the third quarter of 2022. Additional hikes will also be instituted in Q4 of 2022, as well as in the first and second quarters of 2023.

According to Jerome Powell, the Federal Reserve Chief, this shift to Q3 of 2022 from Q4 will be taken up by the Central Bank during their December meetings as they debate to conclude their $120 billion monthly bond purchases a few months before the original end date of mid-2022.

©Photo: Melissa Lyttle for The New York Times

Clay pottery with table linens