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Fed Chair Jerome Powell said on Wednesday that the central bank will deliver more rate hikes next year even as the economy slips towards a possible recession, arguing that a higher cost would be paid if the U.S. central bank does not get a firmer grip on inflation.

In comments after the statement, Fed Chair Jerome Powell said it was too soon to talk about cutting rates as the focus is on making the central bank’s policy stance restrictive enough to push inflation down to its 2% goal.

The Federal Open Market Committee raised its benchmark rate by 50 basis points to a 4.25% to 4.5% target range. Policymakers projected rates would end next year at 5.1%, according to their median forecast, before being cut to 4.1% in 2024 — a higher level than previously indicated.

Poonawalla Housing Finance is a lender in the affordable segment of the housing finance market with 128 branches across India. It had its assets under management at Rs 5612 crore at the end of September. It made a net profit of Rs 33 crore in the second quarter of FY23.

​​ Extending gains to the fifth consecutive session, the Nifty Bank index, popularly known as Bank Nifty, closed above 44,000-levels for the first time on Wednesday. Analysts, in a poll, said the index could move up as much as 7% in the near-term over its close of 44,049.1 on Wednesday.

“The buyback, even if SES takes the statement of the company with a pinch of salt, that only pre-IPO funds will be used, will allow all investors to cash out. IPO investors would be getting almost 25-30% of their cost whereas some pre-IPO investors would be getting more than 1,000 Continue Reading

Lenders led by IDBI Bank had invited expressions of interest from asset reconstruction companies to take over the debt of NFC after attempts to initiate an insolvency process against the company were stonewalled by the promoter.

Agarwal’s representatives met with large funds from the Middle East, Singapore, and the US over the past three months to garner financing commitments for the manufacturing business, the people said, asking not to be named as the information is not public. All the funds gave the opportunity a pass leaving Continue Reading

The sale of the business is expected to enhance shareholders’ value in the long term, as Poonawalla Fincorp focusses on building a tech-led and digital-first financial services company

The Dow Jones Industrial Average fell 22.57 points, or 0.07%, at the open to 34,086.07