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Tuesday, December 30, 2008

Bank rates tumble, stimulus this week

While the UPA government’s top economy managers hinted on Monday that a second set of monetary and fiscal stimulus measures could come within days, Prime Minister Manmohan Singh held an hour-long meeting at his residence with RBI governor Duvvuri Subbarao. Though Subbarao remained tight-lipped about what transpired in the meeting, the key issue was the 150- to 200-basis point cut in key bank rates proposed by the Centre to ease access to credit and pre-empt a further slowdown in economic activity.

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Saturday, Jun 14
01:00 CFTC S&P 500 NC Net Positions 1 $-69.4K
01:00 CFTC Oil NC Net Positions 1 168K
01:00 CFTC Gold NC Net Positions 1 $187.9K
01:00 CFTC GBP NC Net Positions 1 £35.2K
01:00 CFTC AUD NC Net Positions 1 $-63.2K
Monday, Jun 16
04:00 Business NZ PSI 2 48.5
04:31 Rightmove House Price Index (MoM) 1 0.6%
04:31 Rightmove House Price Index (YoY) 1 1.2%
12:00 Producer and Import Prices (YoY) 1 -0.5%
12:00 Producer and Import Prices (MoM) 1 0.1%
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