Gold Silver Reports – Reserve Bank of India Sets April 30 Deadline For Linking SWIFT With Core Banking — The Reserve Bank of India has asked banks to finish fully integrating the core banking system with the SWIFT messaging network by April 30, two bankers in the know said.
Global Economic
Global Economic – The global economy is the worldwide system of trade, production, and finance that connects countries. It involves the exchange of goods, services, and money across borders, driven by businesses, governments, and consumers. This system shapes jobs, wealth, and growth everywhere.
Barclays Reports £1.9bn Loss Amid Trump Tax Changes
Gold Silver Reports – Barclays reports £1.9bn loss amid Trump tax changes — Hefty charges related to Donald Trump’s corporate tax changes, the cost of exiting Africa, the collapse of Carillion and legal battles pushed Barclays nearly £2bn into the red last year. Chief executive Jes Staley, who hailed a year of “considerable strategic progress,” collected a pay package of £3.9m, down from £4.2m, with his annual bonus cut to £1.07m from £1.3m and benefits also down, while his salary stayed at £2.4m.
Brighter U.S. Growth Outlook Emboldens Fed on Rate-Hike Course – Goldman Neal Bhai Reports
Gold Silver Reports – Brighter U.S. Growth Outlook Emboldens Fed on Rate-Hike Course – U.S. central bankerssent a strong message Wednesday that an expansion with “substantial underlying economic momentum” could sustain additional increases in interest rates this year.
Fed’s Harker Sees Two U.S. Rate Hikes This Year, Goldman Neal Bhai Reports
Gold Silver Reports – Fed’s Harker sees two U.S. rate hikes this year – Philadelphia Federal Reserve Bank President Patrick Harker on Wednesday said he still thinks just two interest-rate hikes this year is “likely appropriate,” but signaled he is open to more if needed.
Dollar Rebounds Awaiting Fed Minutes – Goldman Neal Bhai Reports INDIA
The USD rebounded against on Tuesday with North American markets coming out of a long weekend. The correlation between rising US bond yields and currency strength had broken down this year, but it now back on track with the 10 year Treasury note hitting a 10 year high driven by higher inflation expectations. The Fed has been divided internally on how to proceed in a slow inflation environment, but if prices suddenly accelerate there will not be need for debate with a higher pace of interest rate moves expected from the central bank.
Bank Fraud Prompts India to Set Up Panel to Prevent Scams
Gold Silver Reports – Bank Fraud Prompts India to Set Up Panel to Prevent Scams — India’s central bank set up a panel to study and recommend ways to prevent the increasing incidents of frauds in the banking system after the nation’s second-largest state lender alleged that a diamond merchant had fraudulently obtained $2 billion in loans.
Trump Must Weigh Retaliation as Ross Proposes Steel Tariffs
Gold Silver Reports – Trump Must Weigh Retaliation as Ross Proposes Steel Tariffs — The U.S. sounds confident thatproposed tariffs on steel and aluminum won’t break global trade rules, despite warnings from other countries that such a move could trigger a flurry of retaliation. It’s up to the president to decide if that’s a risk he’s willing to take.