The US Federal Open Market Committee announced a 25 basis point cut in interest rates, the first reduction after five consecutive meetings without a change. While the US central bank raised its economic growth forecast, it also warned of a ‘challenging situation’ with risks of higher inflation and unemployment. The move prompted a mixed reaction on Wall Street. In India, markets opened higher following the much-anticipated announcement. Experts suggest India is positioned to be a significant beneficiary of the rate cuts in the US, as a declining dollar is expected to drive investment into Asian markets. The focus for investors is now shifting towards the domestic consumption theme, with the financial and banking sectors identified as key areas of interest.
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