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Key Drivers for the Next Leg Up

Oct 16, 2017

“If you look carefully, almost all Old Money secrets can be traced to a single source: a longer-term outlook.” – Bill Bonner In the face of dismal expectations for earnings this quarter, we have witnessed a surprising IIP print at a four month high of 4.3%, lower than expected inflation at 3.3%, robust auto sales,…

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Monetary Policy Update

Oct 5, 2017

Repo Rate Maintained at 6%, Policy Tone Remains Neutral The Reserve Bank of India today decided to keep the policy repo rate unchanged at 6% in an “effective” 5-to-1 vote. 5 voted for status quo, while Dr. Ravindra Dholakia voted for a 25bps cut. The Monetary Policy Committee maintained its neutral stance on monetary policy…

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A Shot in the Foot

Oct 4, 2017

Thirty years ago, no one could have foreseen the huge expansion of the Vietnam war, wage and price controls, two oil shocks, the resignation of a President, the dissolution of the Soviet Union, a one day drop in the Dow of 508 points, or treasury yields at 2.8% and 17.4%. But surprise, not one of…

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Market Update

Sep 25, 2017

Markets sold off sharply late last week, with the Fed proving to be the trigger for the carry trade unwind and FI selling. FIs have been regular sellers all month, but their selling picked up steam post the Fed announcement. GST is Extending Working Capital Cycles and Causing a Slowdown, Particularly in Exports… There is…

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