Daily Digest Market Movers: Indian Rupee trades flat despite dovish Fed
- The flash HSBC India Manufacturing Purchasing Managers Index (PMI) eased to 56.7 in September from the previous reading of 57.5. The Services PMI declined to 58.9 versus 60.9 prior.
- "The flash Composite PMI in India rose at a slightly slower pace in September, marking the slowest growth observed in 2024," noted Pranjul Bhandari, chief India economist at HSBC.
- Chicago Fed President Austan Goolsbee noted, “Many more rate cuts are likely needed over the next year, rates need to come down significantly.”
- Atlanta Fed President Raphael Bostic stated that cutting the cycle with a large move will help bring interest rates closer to neutral levels as the risks between inflation and employment become more balanced.
- Minneapolis Fed President Neel Kashkari said that he expects to lower interest rates by quarter-point moves at each of the central bank’s two remaining meetings this year, per Bloomberg.
- The flash reading of the US Manufacturing PMI dropped to a 15-month low of 47.0 in September from 47.9 in August, weaker than the estimations of 48.5. Meanwhile, the Services PMI eased to 55.4 in August versus 55.7 prior, above the market consensus of 55.2.
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