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PhillipCapital was proud to sponsor the maxCity VOW Litfest, where Mr. Vineet Bhatnagar delivered an insightful talk on "Money, Markets, Mayhem: What’s the Verdict for India?" It was a stimulating discussion on the current economic landscape. #PhillipCapital #VOWLitfest #IndiaEconomy #FinancialInsights

Running Yield - Weekly Report dated 3rd March 2025 Ø  At the beginning of 2024, we discussed that this is going to be the year of rate cuts, globally. The current year, 2025, is also going to see rate cuts. The intensity, however, is going to be lesser than in 2024.   Ø  After reducing interest rates in 2024, central banks are debating the extent of further rate cuts. Inflation, while on the lower side, is yet to hit the target level of central banks. The logic of further rate cuts is that GDP growth, though more-or-less stable, is lower than desired. To the extent inflation level gives scope to central banks, rate cuts are on in 2025.    Ø  The relevance of global interest rate action of central banks is about the influence on policy rate action of our RBI. As we have discussed earlier, RBI goes by our variables e.g. inflation, growth, etc. Global interest rate movement influences the deliberations of RBI Monetary Policy Committee to an extent   Ø  The policy rate easing cycle of the RBI started on 7 February 2025, which is later than most other central banks. RBI was waiting for our inflation to ease on a durable basis. Now that RBI has initiated the cycle, the fact that central banks have been easing, is conducive.   Ø  The major ones: US Fed has eased by 1 percentage point and ECB has eased by 1.25 percentage point. Canada cut by 2 percentage points. Switzerland and New Zealand have eased by 125 bps each. Australia initiated the easing cycle on 18 February 2025.   Ø  In emerging economies, Chile has cut rates by 325 bps. In Columbia, it is 350 bps. In Peru, they have cut by 200 bps. In Saudi Arabia, central bank overnight rate has been cut by 100 bps. South Africa and Philippines have cut their rate by 75 bps each. China has been reducing their rate for a long time now.   Ø  Globally, inflation is on the lower side, but tad higher than the target rate of central banks. The argument for further policy rate easing in 2025 is growth. Projected average GDP growth rate in 2025 and 2026 is stable, but in certain countries, growth rate is on the lower side.   Ø  Going forward, in 2025, though the intensity of interest rate cuts would be lower than last one year, it is expected to continue. This would be conducive for rate cuts by RBI. Listen to the podcast on this report: Spotify - https://lnkd.in/diZ4bQdf Apple Podcast - https://apple.co/3Rpel6S Anchor - https://bit.ly/3RnGSd6 Amazon Music: https://amzn.to/3DsPon9 #RunningYield #WeeklyReport #BondMarket #RBIUpdates #BankingLiquidity #CRRCut #RepoRate #FinancialMarkets #SystemLiquidity #MonetaryPolicy #InterestRates #FixedIncome #DebtMarket #InvestmentInsights #EconomicUpdates #CorporateBonds #MoneyMarket #YieldCurve Joydeep Sen Kunal Singh Kochar Rodney Correa Sunil Jani Vaibhav Singhal

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Wishing you a Mahashivratri filled with peace, prosperity, and devotion. May Lord Shiva bless you and your family. 🙏 #Mahashivratri #Blessings #phillipcapital

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