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Transforming ₹1 Lakh into ₹1.8 Crore: The Unbelievable Journey of Two Stocks
Equities, Markets - January 29, 2025

Asian Stocks advance on tech rebound

Asian Stocks advance on tech rebound

Overview
As investors seized opportunities, Nvidia and other shares of artificial intelligence-related technology recovered from steep losses the day before, and U.S. stocks closed Tuesday’s trading session higher. As attention shifts to the Federal Reserve’s rate decision and US mega-cap earnings, Asian shares also increased Wednesday morning, following Wall Street’s tech-led recovery from a selloff that rocked global markets.

Mild rise after a rocky start for Global Markets
Australian and Japanese stocks increased. For the Lunar New Year holidays, the majority of other significant markets in the area are closed. Nvidia Corp. recovered 8.9% after the biggest one-day value loss in history, while US equities futures fell after the S&P 500 increased 0.9% and the Nasdaq 100 increased 1.6% on Tuesday. Following President Donald Trump’s remarks regarding universal tariffs, the dollar and oil both rose.

The share increases follow a rocky start to the week due to worries that a low-cost artificial intelligence model from DeepSeek, a Chinese startup, may make it difficult to defend valuations of the technology driving the bull market. But after a reassessment, many like Steve Cohen suggested it would be beneficial for the sector. The Fed’s rate decision and the opening of the Big Tech reporting season on Wednesday will now be the region’s investors’ main tests for AI bulls.

In the last three months of 2024, core inflation in Australia decreased more than anticipated. Bets that the Reserve Bank would soon start a monetary easing cycle caused the Australian currency to weaken and the policy-sensitive three-year yield to drop five basis points.

Regarding US earnings, growth is expected to be at its slowest pace in nearly two years, even though profits from the so-called Magnificent Seven behemoths are still increasing and significantly exceeding the rest of the market. After Monday’s long-awaited AI reckoning, the dust is finally settling. While it continues to believe in the productivity story powered by AI, investing in this industry may not be as simple as it has been in the last two years, according to Emily Bowersock Hill of Bowersock Capital Partners. She went on to say that when it comes to investing in AI, it is anticipated that investors will be more discriminating and choosy.

Fed Meeting Predictions
Amidst robust demand and recalcitrant inflation, it is generally anticipated that Fed members would maintain borrowing costs at their current level Wednesday. In the hopes that Fed Chair Jerome Powell will hint a cut in March, bond dealers are increasing their optimistic wagers on US Treasuries. According to a study by 22V Research, 67% of participants anticipate a “mixed/negligible” response to the Fed’s announcement on Wednesday, 21% said they are “risk-off,” and 12% said they are “risk-on.”

At 4.52%, the yield on 10-year Treasuries decreased by 1 basis point. After rising 0.8% on Tuesday, West Texas Intermediate oil continued to rise early on Wednesday. In a note, Win Thin of Brown Brothers Harriman stated that the US fundamental story of robust growth, high inflation, and a more hawkish Fed still favors higher US rates and a stronger dollar. This Fed meeting is predicted to be largely unremarkable for the stock market by several criteria.

According to Bowersock Hill, markets are not anticipating a cut and will instead concentrate on the Fed’s projections for the remainder of 2025. Interest rates and inflation will both continue to rise, so it wouldn’t be shocking to see one rate cut in 2025, or perhaps none at all.

US Market Rebound
In its largest daily percentage rise since July 31, the S&P 500 technology sector surged 3.6%, while an index of semiconductor equities saw a 1.1% gain. Apple’s stock increased 3.7%. When Apple, Microsoft, and other firms released their quarterly results later this week, investors were excited to hear what they had to say.

Following the release of AI models by Chinese startup DeepSeek that it claimed were on par with or superior to top U.S. competitors at a fraction of the price, there was a tech sell-off.
According to Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey, markets are seeing the usual bounceback rally, which is to be expected when there is news that is less precise and more about the possibility of a future change.

India’s IT stocks witness a surge
Information technology companies drove Wednesday’s opening gains for India’s major indexes, while investors awaited the U.S. Federal Reserve’s interest rate remarks later in the day. As of 9:25 a.m. IST, the Nifty 50 opened new tab up 0.27% to 23,019.15 points, while the BSE Sensex opened new tab up 0.28% to 76,102.57. Leading the sectoral advances were eleven of the thirteen key sectors, with IT stocks (NIFTY IT) up 1.6%.

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Budget needs to focus on local infrastructure

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Contraction in Banking Stocks to around 6 percent due to RBI's repo rate cut
Equities, Markets - January 24, 2025

Fed Holds Steady: Rates Unlikely to Drop Amid Policy Uncertainty

Fed Holds Steady: Rates Unlikely to Drop Amid Policy Uncertainty

Overview
The bond manager’s investment chief predicts the US central bank will hold off on making cuts until it has more information about Trump’s policies. According to bond fund behemoth Pimco, the Fed is prepared to leave interest rates steady “for the foreseeable future” and may even raise borrowing costs while central bankers wait for clarification on Donald Trump’s objectives.

Market Commentary on Fed Rate Cuts
According to Ed Yardeni, President of Yardeni Research, this strategy is anticipated to maintain the dollar’s strength due to significant inflows into US capital markets and competitive bond yields. Although market optimism was bolstered by Fed Governor Christopher Waller’s recent remarks regarding inflation approaching the target level, Yardeni rejected the possibility of further rate decreases in the near future.

The chief investment officer of the $2 trillion asset management, Dan Ivascyn, stated that he anticipated the US central bank to maintain stable interest rates until there was more clarity either on the data front or the policy front.

Ivascyn’s comments coincide with a Wall Street discussion concerning the Fed’s rate-cutting cycle’s future due to worries that increased inflation could be exacerbated at a time when the US economy has shown more resilient than anticipated if Donald Trump implements his plans to impose sweeping tariffs. According to Ivascyn, several of the new regulations have the potential to have a very favorable long-term impact on productivity and growth. He also mentioned that there was a conflict between what would make sense in the long run and what might put some strain on things in the short term.

Ivascyn cited a number of recent polls that indicated a rise in consumers’ inflation expectations, which is sometimes a leading indication, to support his claim that rate hikes were undoubtedly feasible but not in his baseline scenario. Pimco has been boosting its exposure to government bonds in order to capitalize on the strong yields available, according to Ivascyn. Further, Ivascyn said that a positive outlook for fixed income is not based on the Fed making further cuts.

Fed unlikely to alter Rate Cuts
In December, Fed chief Jay Powell stated that inflation was trending sideways and labor market concerns had decreased, indicating that the central bank would likely be more cautious about rate reduction this year. Additionally, he pointed out that some officials have started to factor Trump’s proposed policies into their projections.

Fed policymakers are anticipated to hold off on raising rates until at least the summer when they meet for the first time this year on January 28–29. The Federal Open Market Committee is unlikely to lower interest rates on January 29. According to the CME FedWatch Tool, fixed income markets presently forecast a 99.5% chance that interest rates will remain unchanged at their current level of 4.25% to 4.5%. Interest rate cuts in March or May are still feasible, though. At one or both of those meetings, the odds are about equal.

According to the employment data for December, job creation has remained strong. The job market remains strong, according to Federal Reserve Governor Lisa Cook, who stated this on January 6. The unemployment rate is still low, and Americans are generally earning wages that are increasing more quickly than inflation. Although it was made a few days prior to the latest jobs report, this remark largely echoed its analysis.

Perhaps the strength of the labor market reduces the pressure on the FOMC to lower interest rates. However, December’s CPI inflation statistics, which was released in January, revealed that inflation was still lower than some had anticipated. In the end, that might help the FOMC lower rates in 2025 if inflation seems to be on track to reach 2% annually. Numerous measures of inflation are more in line with an annual rate of 3%.

Treasury Yield to increase in future
The 10-year Treasury yield is now trading at 4.5% after falling to about 3.6% in September due to a sell-off in US government bonds fueled by the more hawkish outlook. Ivascyn also cited high equity valuations and cautioned that stocks would be impacted by a further increase in Treasury yields.

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Impact of Trump 2.0 on Indian Equity Market

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Banking, Business, Equities, Markets - January 15, 2025

Government’s decision on Privatisation of banks in the upcoming Budget 2025

Government’s decision on Privatisation of banks in the upcoming Budget 2025

Overview
In India, the government has the largest ownership in the banks. This biggest stakeholder position is the result of two phases of nationalisation. The first nationalisation occurred in the year 1969 in which 14 banks were nationalized which includes Bank of Baroda, Bank of India, and some other banks. While the second phase occurred in the year 1980 in which around 6 banks were nationalized which includes Punjab and Sind Bank, Andhra Bank, and some other banks. In present times, there are 12 nationalised banks as many banks merged together over the period of time.

The primary aim of the government was to achieve financial inclusion in banking services by reaching services to the country’s underbanked and unbanked population.

The matter of concern is about whether the major stake of the Indian government in these banks should remain the same. In the financial budget of 2021-22, Finance Minister Nirmala Sitharaman announced plans of two public sector banks and one insurance firm to be privatised. Despite this, the privatisation promise is yet to be fulfilled.

Current Ownership of government in Banks
In present times, the government still holds a major ownership in these 12 nationalised banks, with more than 90 percent of ownership in four banks. The names of these four banks are Punjab and Sind Bank (98.25%), Central Bank of India (93.08%), UCO Bank (95.39%), and Indian Overseas Bank (96.38%).

Push to Bank Privatisation plan
If the government is serious about the bank privatisation plan, then it should start the process in the Budget 2025. The privatisation process of IDBI is already going on and is expected to be completed by the financial year 2026. This privatisation alone is not enough if the government really wants to achieve reforms in the banking sector. Also, if the actions are not taken then it will miss significant reforms in the upcoming five years leading to hindering the progress of the banking sector in India.

Government Actions
In the past, both United Progressive Alliance (UPA) and National Democratic Alliance (NDA) have promised privatisation of banks as their top priority in their agenda of reforms. Despite this, no actions were taken. In the financial year 2019-20, a mega-merger of 10 public sector banks took place resulting in formation of 4 banks. The IDBI bank was suffering from poor financial health. In the year 2019, the government took the initiative to purchase shares in the IDBI bank, along with the Life Insurance Corporation of India (LIC). This was done to improve the financial health of the bank. These are only actions so far taken by the government of India.

Challenges in privatisation of banks
The public sector banks suffered from legacy issues for a long period of time. The employee trade unions in these banks are strongly influenced by politics. Also, the working environment here is just like a government office working environment. It is totally different from the modern and dynamic working environment of the private sector banks. These challenges could act as an issue for a serious buyer. The reason is that the buyer should be willing to deal with these issues and able to make necessary changes.

Privatisation of banks is quite a difficult and risky political situation for the government as well. The public sector banks involved the issue of regional interests as each bank has a strong presence in certain regions. The topic of privatisation of these banks may not be liked by people living in those regions. This can become a sensitive topic because no government can take a risk of political backlash.

Due to these regional and political issues, it is difficult to implement this plan in action. Despite this, it is upto the government and its budget 2025 to decide if they can work on a bank privatisation plan.

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NBFC & HFC Loan Growth to Slow in FY25 Amid Softer Demand and RBI Norms

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Banking, Business, Equities, Markets - January 14, 2025

The Unfolding Battle: Banks Intensify FD Rate Hikes Amid Rising Deposit Demand

The Unfolding Battle: Banks Intensify FD Rate Hikes Amid Rising Deposit Demand

In recent times, banks have been engaged in a competitive battle to attract depositors, particularly as Fixed Deposit (FD) rates continue to rise. The higher rates reflect not only increased demand for capital but also tighter liquidity conditions. Banks, seeking to bolster their balance sheets, have ramped up deposit offerings in response to both internal funding needs and external pressures, such as rising interest rates set by the Reserve Bank of India (RBI).

For depositors, this environment presents an attractive proposition: higher returns on FDs compared to traditional savings accounts. However, these rate hikes signal more than just a win for savers. They reflect a broader economic picture where inflationary concerns, a tight monetary policy, and rising borrowing costs are impacting the financial ecosystem.

Impact of Rising Rates on Banks and the Economy
While the FD rate hikes may provide short-term benefits to depositors, they pose challenges for banks, particularly in terms of margin compression. Higher deposit rates mean increased costs for banks, which could result in tighter profit margins. As banks strive to keep up with one another’s offerings, the increased pressure to offer attractive rates may lead to a shift in lending strategies or a reduction in loan volume. The implications for businesses and consumers could be far-reaching, with costlier loans potentially affecting economic growth.

Furthermore, the competition for deposits might intensify as non-banking financial companies (NBFCs) and small finance banks also enter the fray, vying for a piece of the deposit pie. This heightened competition, combined with the potential for interest rate hikes by the RBI, underscores the volatile nature of the financial market.

Strategic Implications for Investors and Businesses
For investors, rising FD rates can be seen as a safer avenue to park funds, especially amid market volatility. Fixed deposits, once considered low-yielding, have become more competitive, offering attractive interest rates that provide a buffer against inflation. However, the upward trend in FD rates also presents an opportunity for investors to reassess other asset classes like equities, real estate, and bonds, all of which might yield higher returns, depending on market conditions.

In the longer term, businesses looking to raise capital may face a more challenging environment, as higher FD rates could lead to an increased cost of funding. Companies heavily reliant on debt might experience higher borrowing costs, impacting profitability and expansion strategies. At the same time, the upward movement in deposit rates indicates a potential tightening in credit conditions, which could further strain liquidity in the economy.

Conclusion: A Balancing Act for Banks and Investors
The rising FD rates represent a crucial development in the Indian banking sector, where competition and shifting monetary policies are driving up deposit costs. For banks, the increased cost of funds might pose challenges to profitability, while savers benefit from the elevated rates. Investors and businesses, meanwhile, should stay vigilant, carefully evaluating their financial strategies in the face of tightening credit conditions and potentially higher borrowing costs.

The “war” for deposits is far from over, and as the financial landscape continues to evolve, both banks and investors must navigate this changing terrain, balancing risk and reward to ensure sustainable growth.

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NBFC & HFC Loan Growth to Slow in FY25 Amid Softer Demand and RBI Norms

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Business, Equities, Market News, Markets - September 2, 2024

The Impact of RBI's Money Policy and Bank Earnings on Loan-to-Deposit Ratios

The Impact of RBI’s Money Policy and Bank Earnings on Loan-to-Deposit Ratios

The loan-to-deposit ratio (LDR), a crucial metric for assessing a bank’s liquidity and lending effectiveness, has significantly decreased in the banking industry in recent years. Economists, politicians, and financial experts have all vigorously debated this tendency. Fundamentally, the Reserve Bank of India’s (RBI) reduced money creation and a notable rise in bank profits are the two key causes of the reduction in LDRs. Comprehending these processes is essential to grasping the wider consequences for the banking industry and the economy.

The lower pace of money creation by the RBI is one of the main causes of the fall in LDRs. A central bank creates money via expanding the monetary base and issuing new currency, both of which increase the amount of liquidity in the banking system. In practice, less new money enters the economy when the RBI scales back its money production efforts.

There are a number of reasons why there could be less money creation, including a purposeful policy change to fight inflation or stabilise the currency. The tightening of monetary policy by the RBI in response to inflationary pressures has had a major role in the recent drop in LDRs. The central bank attempts to control inflation by increasing interest rates and decreasing the money supply, but this ultimately restricts the amount of money that banks may lend. Because of this liquidity constraint, banks are unable to lend as much, which lowers the loan-to-deposit ratio.

Bank profits have increased significantly in tandem with the RBI’s decreased money creation. A decrease in non-performing assets (NPAs), increased interest rates, and cost-cutting initiatives are some of the causes of this profit surge. Banks often take a more conservative approach to lending as they get more successful, emphasising quality over quantity.

Increased earnings frequently result in a bank’s capital base strengthening, increasing its capacity to keep reserves and lowering the need for riskier lending practices. Furthermore, banks are able to depend increasingly on fee-based revenue rather than conventional interest income from loans as a result of their increased profitability. Because they may now earn money from investment banking, wealth management, and transaction fees, banks are under less pressure to maintain high loan-to-deposit ratios.

A further dynamic that further adds to the reduction in loan-to-deposit ratios is created by the interaction between weaker money creation by the RBI and higher bank profits. Because there is a decrease in money creation, banks must exercise greater caution when managing their liquidity and frequently choose to preserve larger reserves over making additional loans. In addition, banks now have a financial buffer thanks to their higher profitability, which lessens their need to make risky loans in order to make money.

The overall economy is significantly impacted by the drop in loan-to-deposit ratios. It may be a sign of a more secure and cautious banking industry, but it might also mean less loan activity, which could have an effect on economic expansion. Reduced loan-to-deposit ratios (LDRs) indicate that banks may not be making the most of their deposit base to sustain credit growth, which might result in a slower rate of economic growth—particularly in industries that largely rely on bank financing.

To sum up Reduced money creation by the RBI and higher bank profitability are two of the many reasons contributing to the complicated issue of declining loan-to-deposit ratios in banks. Banks are becoming more cautious and risk-averse, as seen by this trend, but it also raises concerns about the effects on loan availability and economic development. Policymakers, regulators, and market participants must comprehend these dynamics in order to effectively manage the banking industry’s changing terrain and its effects on the whole economy. It will be vital to keep an eye on how these variables interact and influence banking and economic activity in India as the crisis develops.

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Business, Equities, Expert Views, Investor Forum, Market News, Markets, Research, Research Reports, Result Updates - December 8, 2023

RBI Charts Course for Sustainable Growth: Inflation Control as the Key

RBI Charts Course for Sustainable Growth: Inflation Control as the Key

Introduction:

The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) conducted its review on December 2023-2024, assessing both global and domestic economic conditions. The committee made decisions pertaining to key interest rates and provided insights into the outlook for the economy.

KEY DECISIONS:

In response to the prevailing and evolving macroeconomic conditions, the Monetary Policy Committee (MPC) convened on December 8, 2023, and arrived at several key decisions. The committee opted to maintain the policy repo rate at 6.50 percent within the liquidity adjustment facility (LAF). Additionally, the standing deposit facility (SDF) rate was held steady at 6.25 percent, while both the marginal standing facility (MSF) rate and the Bank Rate remained unchanged at 6.75 percent.

The MPC’s strategic focus is on gradually eliminating accommodation to ensure that inflation steadily approaches the set target. At the same time, the committee intends to offer the essential assistance for economic growth. These actions are consistent with the broader goal of meeting the medium-term target for Consumer Price Index (CPI) inflation, which is set at 4% within a +/-2% band, and thereby contributing to the development of sustainable growth.

GLOBAL ECONOMIC LANDSCAPE:

1. Global Growth: The committee acknowledged a varied deceleration in global growth among economies.
2. Inflation: Global inflation showed a downward trend but remained above target levels, with persistent underlying inflationary pressures.
3. Market Sentiments: Positive developments were noted since the previous MPC meeting, marked by declining sovereign bond yields, US dollar depreciation, and strengthened global equity markets. However, emerging market economies faced ongoing challenges with volatile capital flows.

DOMESTIC ECONOMIC OVERVIEW:

1. Economic Resilience: The domestic economy demonstrated resilience, evidenced by a robust 7.6 percent year-on-year growth in real GDP in Q2:2023-24. This growth was supported by strong investment and government consumption, mitigating the impact of net external demand.
2. Prospects for Consumption and Investment: Continued strength in manufacturing, buoyant construction, and a gradual rural sector recovery are anticipated to brighten household consumption prospects. Healthy balance sheets of banks and corporates, normalized supply chains, and rising public and private capital expenditure are expected to bolster future investments.
3. GDP Growth Projection: Taking into account various factors, the MPC projected real GDP growth for 2023-24 at 7.0 percent, with Q3 at 6.5 percent and Q4 at 6.0 percent. Projections for Q1:2024-25 are 6.7 percent, Q2 at 6.5 percent, and Q3 at 6.4 percent, with risks evenly balanced.

INFLATION OUTLOOK:

1. CPI Inflation: Headline inflation fell to 4.9 percent in October 2023 due to corrections in vegetable prices, fuel deflation, and broad-based moderation in core inflation. Risks include uncertainties in food prices, base effects, and volatile crude oil prices.
2. Inflation Projection: CPI inflation is projected at 5.4 percent for 2023-24, with Q3 at 5.6 percent and Q4 at 5.2 percent. Q1:2024-25 is expected at 5.2 percent, Q2 at 4.0 percent, and Q3 at 4.7 percent, with risks evenly balanced.

MPC DECISIONS AND RESOLUTIONS:

1. Policy Rates: The MPC unanimously voted to keep the policy repo rate unchanged at 6.50 percent.
2. Focus on Inflation Alignment: The majority of the MPC expressed commitment to withdrawing accommodation to align inflation progressively to the target while supporting growth. One member, Prof. Jayanth R. Varma, expressed reservations on this aspect.

FORWARD GUIDANCE:

The MPC emphasized the need for sustained disinflation, monitoring food price pressures, and remaining vigilant to potential challenges in crude oil prices and financial markets. The current policy stance is actively disinflationary, with preparedness for timely policy actions if warranted.

CONCLUSION:

In conclusion, the RBI’s Monetary Policy Review for December 23-24 reflects a cautious approach, balancing the need for inflation control with support for economic growth amidst a dynamic global and domestic environment.

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Currency, Market News, Markets - July 28, 2022

How are Exchange Rates are Determined?

What determines Exchange Rates?

 

Exchange Rate is the value of one country’s (nation) currency against another nation’s currency. In simple terms, it is a relative value between two currencies. Usually exchange rates are free floating depending on demand and supply in market. But there are exchange rates which have restrictions and are not based on floating rate. The other factor apart from demand and supply that determines exchange rate are interest rates, speculation and market sentiment , inflation rates, etc.

Type of Exchange Rate:

Currency Peg – Sometimes a particular country’s currency peg to that of other countries currency. For example – Hong Kong’s dollar pegs to US dollar in range of 7.65 to 7.80, than value of Hong Kong’s dollar will remain between the ranges of 7.65 to 7.80.

Free floating – This rate actually fluctuates due to the change in foreign exchange market. So, if there is any fall or rise in the foreign exchange market, it will affect free floating exchange rate.

Restricted currencies – This is not applicable to all the currencies, as only some countries have restrictions which limit their exchange to be within the country’s border and have value which is set by government.

Spot and forward – Spot price is basically current market value which is also known as cash value. Similarly, exchange rate have Forward rate, which are based on the expected currency rise and fall. Forward rate changes as expected change in market value.

Onshore and Offshore – Sometimes, exchange rate differs in their own country which is because of onshore and offshore rates. This situation occurs between country’s border versus outside its borders and fluctuates accordingly. For example, Chinese government has own structure and controls the currency. By setting a midpoint value for the currency, which allows the Yuan to trade in a band of 2% from the midpoint.

Quotation – Quotation is basically an exchange rate which is quoted using an acronym for the national currency which they represent.

 

What determines currency exchange rate ?

Other currency determined price of one currency. Therefore various factors mainly Fixed Exchange rates, Floating Exchange Rates and Managed Exchanged rates influences Currency rate. Floating exchanges rates and Fixed Exchanges rates are most commonly used to determine rate as Floating rate actually fluctuates due to the change in foreign exchange market. So, if there is any fall or rise in the foreign exchange market, it will affect free floating exchange rate.  Demand and supply are the main factor to determine it in open market operation.

If fixed rates are used by economy than this is not applicable to all the currency, as only some countries have restrictions, which limit their exchange to be within the countries border and have value which is set by government. Countries choose to peg where, a particular countries currency peg to that of other countries currency. For example, Hong Kong’s dollar pegs to US dollar in range of 7.65 to 7.80. Than the value of Hong Kong’s dollar will remain between the ranges of 7.65 to 7.80 usually done to maintain stable rates.

Major factors which determines exchange rates are:

Government – When there is too much volatility in Forex market, then government or regulatory body of that country may intervene and buy opposite currency to control downfall. For Example, if Rupee is depreciating against Dollar with a high difference, than RBI may come forward and buy Dollars.

Imports and Exports – Imports and exports play major role in exchange rates. Therefore, government always try to maintain balance between them. For example, if imports are increasing, it create more burden on that particular country’s economy resulting in rate fluctuation.

Interest Rates – Interest rates on government bonds attracts investors, but rate should be high enough to cover foreign market risk so that investor’s money is safe and credit ratings are stable. This will result in flipping rates in particular countries exchange rate.

Speculations and Market Sentiment – When the markets are moving, there is a lot of speculation about the expected changes into the currency rates which results in investments, redemptions of foreign investors. Through speculations, investors try to earn more profit.

Inflation Rates – Any change in inflation rates results change in exchange rates. Usually, country’s which have low inflation rate have seen appreciation in their exchange rate and vice versa.

Other factors that contribute in fluctuation of exchange rates are country’s political stability, debt holdings and overall performance of economy.

 

 

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