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As US inflation data for March rose to 3.5% annually as compared to 3.2% in February, Kotak Mahindra Bank founder Uday Kotak has warned a global turbulence predicting the interest rates to remain higher globally including in India

Uday Kotak warns of global turbulence, delay in rate cuts by Fed after US inflation data

<h2>As US inflation data for March rose to 3.5% annually as compared to 3.2% in February, Kotak Mahindra Bank founder Uday Kotak has warned a global turbulence predicting the interest rates to remain higher globally including in India</h2>

Veteran banker and Kotak Mahindra Bank founder Uday Kotak has warned of global turbulence after the release of higher than expected US inflation data for March. The US inflation has now eroded hopes of an early rate cuts by the Federal Reserve.
<h3>Uday Kotak's warning&nbsp;</h3>
In a post in social media site X, Uday Kotak said that higher US inflation and Brent crude oil at $90 will keep the interest rates higher globally, including in India, for longer.&nbsp;
<blockquote class="twitter-tweet">
US inflation is higher than expected. Postpones US rate cuts to later, closer to US Presidential elections, if at all. Brent oil now $90. Will keep rates higher for longer worldwide including India. Only wild card: China imploding economically. Get ready for global turbulence.
&mdash; Uday Kotak (@udaykotak) <a href="https://twitter.com/udaykotak/status/1778276514074640410?ref_src=twsrc%5Etfw">April 11, 2024</a></blockquote>
He further predicted that rate cuts in US may happen closer to the US presidential elections.&nbsp;
Also Read: <a href="https://www.editorji.com/business-news/rbi-credit-policy-1712291728874">RBI Credit Policy: Repo rate unchanged at 6.5% for 7th time in a row</a>
<h3>US Inflation in March</h3>
The US inflation for the month March rose to 3.5% annually compared to 3.2% in February. On Wednesday the US treasury yields surged while the equities recorded a fall after the data showing a higher US inflation was released.

Last three months of 2022, credit card balances in the U.S. increased $61 billion to $986 billion, surpassing the pre-pandemic high of $927 billion, according to the Federal Reserve Bank of New York 

Credit card debt in US at record high; here's why

Last three months of 2022, credit card balances in the U.S. increased by $61 billion to $986 billion, surpassing the pre-pandemic high of $927 billion, according to the Federal Reserve Bank of New York&nbsp;

Amid the Federal Reserve raising interest rates once again by 25 bps, credit card debt in the U.S has climbed to a record high.
The Fed's interest rate increases are meant to fight inflation, but they've also led to higher annual percentage rates (APRs) for people with credit card debt, which means they pay more in interest.
With inflation still high, people are leaning on their credit cards more for everyday purchases.
&ldquo;It's the economy, inflation, gas prices, and food costs,&rdquo; said Lance DeJesus, 46, kitchen manager at the Golden Corral in York, Pennsylvania.

US consumer inflation cooled slightly in January but the figure remains markedly above policymakers' target, boosted by rent and energy costs
 
 

US inflation eases but how policymakers' battle not over

US consumer inflation cooled slightly in January but the figure remains markedly above policymakers' target, boosted by rent and energy costs
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Rising rent and a gasoline price rebound helped keep US consumer prices elevated in January, according to data released on Tuesday, signaling that policymakers' battle against inflation is not over.
US Inflation data&nbsp;
The US central bank has hiked interest rates rapidly in the past year to raise borrowing costs and cool demand in the world's biggest economy, as inflation skyrocketed.
But even as the consumer price index (CPI), an important inflation gauge, eases from decades-high levels, the numbers point to some stickier areas.
With the effects of policy rippling through the economy, the CPI rose 6.4 percent in January from a year ago, according to Labor Department data. This was a touch below December's figure and the smallest annual increase since October 2021.
But it remains significantly above policymakers' two percent target.

The consumer price index (CPI), a key measure of inflation, rose at an annual pace of 7.7 percent in September

Stocks rally, dollar slumps as US inflation eases

The consumer price index (CPI), a key measure of inflation, rose at an annual pace of 7.7 percent in September

Stocks rallied while the dollar slumped against rival currencies on Thursday after a drop in US inflation dimmed expectations of more aggressive Federal Reserve rate hikes.
On Wall Street, the Dow gained nearly a thousand points in late morning trading, or 3.0 percent.
The broader S&amp;P 500 jumped 4.5 percent and the tech heavy Nasdaq Composite soared 5.9 percent.
While the annual inflation rate was down from a harsh 9.1 percent in June -- the highest in 40 years -- latest numbers are unlikely to bring quick reprieve from the Federal Reserve's aggressive moves to cool the economy.
The Russia war in Ukraine has sent food and fuel prices soaring, and the energy index surged 17.6 percent over the past 12 months, according to the data.

Analysts warn that the economy could enter a recession in 2023 on the effects of the Fed's rate hikes, inflation and a global slowdown in growth
 

US Fed set for further steep rate hike as recession fears loom?

Analysts warn that the economy could enter a recession in 2023 on the effects of the Fed's rate hikes, inflation and a global slowdown in growth
&nbsp;

The US Federal Reserve is pegged to make a fourth straight steep hike in the key interest rate this week as it battles surging costs, with its aggressive stance fueling expectations of a recession.
American households have been squeezed by soaring consumer prices, propelling economic issues to the top spot among voter concerns in upcoming midterm elections. Fed officials walk a tightrope to try and rein in prices while avoiding a downturn.
To raise borrowing costs and cool demand, the US central bank has already cranked up the benchmark lending rate five times this year, including three straight 0.75 percentage point raises.
But with persistently high inflation and a tight labor market supporting wages and spending, analysts say another 0.75 point hike is almost certain at central bankers' next policy meeting.
Further Fed hikes are also expected to dampen consumer and business spending, making it more attractive to save rather than spend.
Analysts warn that the economy could enter a recession in 2023 on the effects of the Fed's rate hikes, inflation and a global slowdown in growth.

As risks of a U.S. recession looming and economic outlook worsens, Goldman Sachs is readying for a round of layoffs as soon as next week. 
The news comes after the bank in July reported that investment-banking revenues had declined by about 41% from the same period the previous year and warned it was slowing hiring. 
According to reports by reuters, the Wall Street giant typically trims about 1% to 5% of its staff each year, and the 2022 cuts will likely be in the lower end of that range. 
While Goldman Sachs is one of many to freeze hiring and layoff employees this year, JP Morgan already began cutting its staff in June and Morgan Stanley slashed investment bankers' pay by 21% in July. 

Goldman Sachs to layoff several hundred of its employees 

New-York based investment bank, Goldman Sachs to cut jobs 

Goldman Sachs to Cut Jobs 

Goldman Sachs is one of many to freeze hiring and layoff employees this year

As risks of a U.S. recession looms and economic outlook worsens, Goldman Sachs is readying for a round of layoffs as soon as next week.&nbsp;
The news comes after the bank in July reported that investment-banking revenues had declined by about 41% from the same period the previous year and warned it was slowing hiring.&nbsp;
According to reports by reuters, the Wall Street giant typically trims about 1% to 5% of its staff each year, and the 2022 cuts will likely be in the lower end of that range.&nbsp;
While Goldman Sachs is one of many to freeze hiring and layoff employees this year, JP Morgan already began cutting its staff in June and Morgan Stanley slashed investment bankers' pay by 21% in July.&nbsp;
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