First, the global backdrop. We are now in the midst of a more broadbased global policy easing. The US Fed has moved back from a single inflation mandate to its dual mandate. The weak US July employment report has re-ignited the US soft landing/hard landing debate. US yields have tumbled, financial conditions are tightening, and the question now is how soon the Fed will move. "Higher for longer" has now become a thing of the past.
Second, commodity prices are easing. Geopolitical risks persist in West Asia, but the sustained domestic demand weakness in China and growing concerns over the US economic outlook could easily offset these pressures. Since the RBI's June MPC, broader commodity prices have fallen by nearly 6 per cent, which is easing input cost pressures from earlier this year.
This story is from the August 06, 2024 edition of Business Standard.
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This story is from the August 06, 2024 edition of Business Standard.
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