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WASHINGTON - Federal Reserve Chair Jerome Powell on Tuesday signaled a cautious approach to future interest rate cuts, in sharp contrast with other Fed officials who have called for a more urgent approach. In remarks in Providence, Rhode Island, Powell noted that there are risks to both of the Fed's goals of seeking maximum employment and stable prices. But with the unemployment rate rising, he noted, the Fed agreed to cut its key rate last week. Yet he did not signal any further cuts on the horizon. If the Fed were to cut rates "too aggressively," Powell said, "we could leave the inflation job unfinished and need to reverse course later" and raise rates. But if the Fed keeps its rate too high for too long, "the labor market could soften unnecessarily," he added. Powell's remarks echoed the caution he expressed during a news conference last week, after the Fed announced its first rate cut this year. At that time he said, "it's challenging to know what to do." His approach is in sharp contrast to some members of the Fed's rate-setting committee who are pushing for faster cuts. On Monday, Stephen Miran, whom President Donald Trump appointed to the Fed's governing board, said that the Fed should quickly reduce its rate to as low as 2% to 2.5%, from its current level of about 4.1%. Miran is also a top adviser in the Trump administration and expects to return to the White House after his term expires in January, though Trump could appoint him to a longer term. And earlier Tuesday, Fed governor Michelle Bowman also said the central bank should cut more quickly. Bowman, who was appointed by Trump in his first term, said inflation appears to be cooling while the job market is stumbling, a combination that would support lower rates. When the Fed cuts its key rate, it often over time reduces other borrowing costs for things like mortgages, car loans, and business loans. "It is time for the (Fed) to act decisively and proactively to address decreasing labor market dynamism and emerging signs of fragility," Bowman said in a speech in Asheville, North Carolina. "We are at serious risk of already being behind the curve in addressing deteriorating labor market conditions. Should these conditions continue, I am concerned that we will need to adjust policy at a faster pace and to a larger degree going forward." Yet Powell's comments showed little sign of such urgency. Other Fed officials have also expressed caution about cutting rates too fast, reflecting deepening divisions on the rate-setting committee. On Tuesday, Austan Goolsbee, president of the Federal Reserve's Chicago branch, said in an interview on CNBC that the Fed should move slowly given that inflation is above its 2% target. "With inflation having been over the target for 4 1/2 years in a row, and rising, I think we need to be a little careful with getting overly up-front aggressive," he said. Last week the Fed cut its key rate for the first time this year to about 4.1%, down from about 4.3%, and policymakers signaled they would likely reduce rates twice more. Fed officials said in a statement that their concerns about slower hiring had risen, though they noted that inflation is still above their 2% target.

Ace investor Radhakishan Damani and Rakesh Jhunjhunwala's trust on Tuesday bought shares in NDR InvIT Trust via block deals. Damani bought 87 lakh shares worth Rs 100 crore in the company while Aryaman Jhunjhunwala Discretionary Trust purchased 58 lakh shares at a deal size of Rs 66.70 crore.The shares were bought at price of Rs 115 apiece.NDR InvIT Trust shares today settled at Rs 120, gaining by Rs 5 or 4.35% over the Monday closing price of Rs 115.NDR InvIT Trust is sponsored by NDR Warehousing Private Limited and it engages in infrastructure investments. The entity claims to have more than 60+ Warehouses and 37 industrial parks and focuses on quality and sustainability for each of our projects.The company specializes in logistics and warehousing solutions and its 37 warehouses total approximately 19 million square feet across 15 cities as of February 28, 2025. It offers services to retail, e-commerce, 3PL, manufacturing, and imports and exports sectors.NDR InvIT Trust was listed on the NSE on February 14, 2024 and its current market capitalization is Rs 4,752.15 crore.Its shares today hit a fresh 52 week high of Rs 122. It has given returns of 16.5% in the past one year out performing the headline Nifty and BSE Sensex whose returns in the same period stand at a negative 2.41% and 2.89%, respectively.Its shares are currently trading above its 50-day simple moving average (SMA) of Rs 104.9.NDR InvIT Trust reported a consolidated net profit of Rs 38 crore in the quarter ended June 30, down 2.6% over 39.3% in the year ago period. Its total revenue in the said quarter stood at Rs 108 crore, recording a 42% jump over Rs 76 crore in the corresponding quarter of the previous financial year.Also Read: Force Motors bulk deal: BNP Paribas sells shares worth Rs 122 crore in multibagger stock(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

The Trump administration is proposing a major overhaul of the selection process for H-1B visas heavily used by the tech industry, basing allocation on skill-level required and wages offered for a position instead of the current randomised lottery.The proposal released on Tuesday marks US President Donald Trump’s latest attempt to reform the H-1B program, which has recently drawn criticism from conservatives who claim that visa holders take jobs away from American workers.The administration, which made a mass deportation campaign its priority in its first months, is now pursuing major overhauls of the employment-based visa programs.Late last week, the White House issued a proclamation slapping a $100,000 fee on new H-1B petitions as a condition of entry to the US. The proclamation initially created panic among employers and workers before the administration clarified that it would only be imposed on new petitions.Both that fee, which took effect Sept. 21, and the new wage-based visa selection process are likely to face legal challenges.The H-1B visa program is capped at 85,000 new slots annually, though higher education and research institutions are exempt. Employers whose online registrations are selected in the lottery can proceed with petition filings. Rules finalised late in Trump’s first term—but later withdrawn by President Biden—would have prioritised applications based on four wage tiers to limit visas for lower-paid, less-skilled roles, while the Labor Department sought to restrict eligible occupations under the “Buy American, Hire American” agenda.Business groups warned that the first Trump wage-based proposal would eliminate prospects for employers to hire early-career professionals who’ve recently graduated from US colleges and universities. They also objected to use of DOL wage levels as a proxy for a worker’s skill level.Many attorneys also warned the proposal was unlawful, regardless of the wisdom of tying H-1B selection to wages, because the Immigration and Nationality Act calls for issuing visas in the order in which petitions are received.US Citizenship and Immigration Services overhauled the lottery process last year, giving each sponsored worker equal odds of selection—no matter how many employers made registrations on their behalf. It made that change after finding that some employers were likely gaming the lottery system by colluding to submit multiple entries without any connection to a legitimate job offer, fueling a massive surge in registrations.(With inputs from agencies)

Akasa Air on Tuesday said that its systems are facing intermittent issues and some of its online services, including booking, check-in and manage booking services, may be temporarily unavailable.The airline said that passengers with immediate travel plans are requested to reach the airport early to check-in at our counters. "We sincerely regret the inconvenience caused and want to assure you that our teams are working with our service provider to resolve the same at the earliest. For any assistance, please contact our 24x7 Akasa Care Centre on +91 9606 112131 and our team will be happy to assist you."Meanwhile, the airline started its Festive Sale on Monday. Under its festive discounts, the airline is offering up to 25% off on the basic fare for bookings on international routes.In addition to the discounted fares, the airline is offering its ancillary services at special prices across both domestic and international routes. The discounted services include in-flight meals, excess baggage, seat selection and priority check-in convenience for flyers.How to avail the discount?Use the promo code 'FESTIVE' on Akasa Air's website or mobile appWith this, the customers can enjoy up to 25% off on the basic fare for bookings on international routesSale promo code valid from September 22 to October 2, with travel starting September 25Valid for 'Saver' and 'Flexi' faresApplies to non-stop and through flights across Akasa Air's networkThe sale covers both one-way and round-trip tickets, with a minimum advance purchase of three daysAkasa Air currently six international cities, namely Doha (Qatar), Jeddah, Riyadh (Kingdom of Saudi Arabia), Abu Dhabi (UAE), Kuwait City (Kuwait) and Phuket (Thailand).Its domestic network spans across 24 destinations, namely Mumbai, Ahmedabad, Bengaluru, Chennai, Kochi, Delhi, Guwahati, Agartala, Pune, Lucknow, Goa, Hyderabad, Varanasi, Bagdogra, Bhubaneswar, Kolkata, Sri Vijaya Puram, Ayodhya, Gwalior, Srinagar, Prayagraj, Gorakhpur, Darbhanga, and Kozhikode.Akasa Air operates a fleet of 30 737 MAX aircraft, and has placed an order of 226 Boeing 737 MAX airplanes.

Nomura has reiterated its bullish stance on India’s steel sector, citing strong domestic demand and supportive global cues, and named JSW Steel and Jindal Steel as its top picks. The brokerage raised its target price on JSW Steel to Rs 1,300 from Rs 1,220 and on Jindal Steel to Rs 1,150 from Rs 1,080, reflecting improved earnings visibility through FY28.The brokerage said production cuts in China and the likelihood of fresh property-focused stimulus measures from Beijing should lend support to global hot-rolled coil (HRC) prices. “We reiterate our bullish stance on the India steel sector, notwithstanding the recent moderation in steel prices, as both domestic and global tailwinds remain supportive,” Nomura said.China’s crude steel production fell 2% year-on-year in the first seven months of 2025, and Nomura expects more aggressive curbs through the year-end, with output likely down about 9% year-on-year over August–December. Meanwhile, the brokerage highlighted the weak state of China’s property sector but expects incremental stimulus at the Communist Party’s October plenary session to provide a boost.Strong domestic fundamentalsIndia’s steel industry, Nomura noted, continues to show resilience. Crude steel production rose 9% year-on-year and apparent consumption increased 8% in the first four months of FY26. The imposition of safeguard duties has cut imports sharply—down 65% to 0.37 million tonnes in April–July 2025 from 0.99 million tonnes a year earlier—easing pricing pressure on local producers.Despite seasonal weakness leaving Indian HRC prices at a discount to landed import costs, Nomura expects prices to climb around 5% above current spot levels in the second half of FY26, aided by firm demand and tighter imports.Stock viewsOn JSW Steel, Nomura said it expects steady earnings expansion driven by capacity additions of 7 million tonnes by FY28 and progress toward raw material self-reliance. It reaffirmed its Buy rating and raised its target to Rs 1,300, implying a 17% upside.For Jindal Steel, Nomura raised its target to Rs 1,150, implying an 11% upside, citing upcoming capacity additions of 6.3 million tonnes by FY27, improved product mix, and better cost efficiencies. While it cut near-term volume and EBITDA estimates due to delays in commissioning new capacity, the brokerage remains positive on medium-term growth, forecasting a 26% EBITDA CAGR between FY26 and FY28.“Robust consumption, import discipline, and improving pricing dynamics support a constructive outlook for the sector,” Nomura said.Metal shares rose 1% on Tuesday after Nomura reaffirmed its positive outlook on India’s steel industry.Also read | YES Bank shares rally 10% in 1 month as Sumitomo ups stake. Analysts eye Rs 25, is it a buy?(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Shares of Vodafone Idea rallied 7% intraday on Tuesday to hit the day's high of Rs 8.97 on the NSE amid hopes of some relief from India's Supreme Court on the government's Adjusted Gross Revenue (AGR) dues demand of Rs 9,450 crore. The apex court will hear the case on Friday, September 26.The stock witnessed strong response from investors as 128.6 crore shares changed hands on the NSE with total traded value recorded at Rs 1,117.51 crore. It closed the Tuesday session at Rs 8.75, gaining 4.3%The stock has been quite volatile amid developments around the AGR issue with news of a government relief on many occasions followed by the denial.The Supreme Court will hear a case on the telecom operator’s plea challenging the Department of Telecom’s (DoT) additional AGR dues demand of Rs 9,450 crore.AGR dues disputeVodafone Idea has petitioned the apex court to quash the DoT’s demand, arguing that the Rs 9,450 crore claim “goes beyond the scope” of the apex court’s earlier ruling on AGR liabilities. Out of the total demand, about Rs 2,774 crore pertains to the post-merger entity, while Rs 5,675 crore relates to liabilities of the pre-merger Vodafone Group.The company contends that the computation includes duplication of figures and has sought a reconciliation of dues, beginning with the pre-FY17 period.On its part, the DoT has told the court that the demand “is not a reassessment or recalculation but stems from the finalisation of pending accounts,” with officials attributing the discrepancy to gaps identified after financial accounts were closed.Stakes for funding and operationsThe outcome of the hearing carries high stakes for Vodafone Idea, which has been in talks with lenders to secure additional funding. During the June quarter earnings call, CEO Akshaya Moondra said that “lenders were waiting for clarity on the AGR issue before proceeding with funding plans.”Moondra added that the company “has been engaging with the government” and stressed that a prompt resolution would enable it to move forward with capital expenditure and its broader funding strategy.Vodafone Idea, weighed down by debt and pending dues, has in the past benefited from government relief measures, including spectrum payment deferments, reform packages, and the conversion of liabilities into equity. The telco has urged that the current dispute be resolved before March to ensure timely funding arrangements.The telecom operator's shares are down a little over 16% over the last one year but the stock is up 9.2% so far in 2025.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Peerless, once a small savings company, is trying to script a turnaround after years of stagnation and pressure on profitability. The Kolkata-based family-owned business conglomerate is expanding in healthcare and real estate, besides strengthening the treasury operation, while it plans to sell its financial product distribution subsidiary, a “low-scale” business in the new scheme of things.The group is in the process of investing about Rs 1,100 crore over three years in expanding its footprint in hospital business and real estate.It has also taken its hospital business outside West Bengal for the first time, through an acquisition of a 250-bed facility in Guwahati for Rs 150 crore. Last year, it bought out a smaller 120-bed hospital in Barasat near Kolkata. Besides, it is spending Rs 450 crore to set up a cancer wing -- Sunil Kanti Roy Institute of Oncology Services -- of its first hospital in the memory of its former managing director.“The investments will accelerate profit growth after the build-up phase is over,” said Jayanta Roy, son of SK Roy and now managing director of Peerless General Finance & Investment Company (PGFI), the holding entity of the group.Peerless saw an 11% drop in consolidated revenue to Rs 675 in 2024-25 from Rs 758 crore in the preceding financial year. The group’s profit fell 54% to Rs 127 crore from Rs 274 crore during this period. The profit was even below the Rs 139 crore that it recorded in 2020-21 amid the Covid-19 pandemic.PGFI, which began financial services distribution after it was barred from mobilising public deposits in 2011, has identified Darsh Advisory Pvt Ltd for selling the 100% owned Peerless Financial Products Distribution for about Rs 23 crore.The group’s main focus will revolve around healthcare, hotel and real estate, while PGFI will carry out the treasury operation for the group companies.“We are making our treasury operations more contemporary. We were conservative even two years back, investing 20% in equities and 80% in debt. Today we have a more balanced investment strategy, with nearly 47:53 breakup,” said chairman Partha Sarathi Bhattacharya.PGFI's treasury returns, however, got impacted due to volatile markets, with its standalone revenue falling 31% to Rs 238 crore in 2024-25, as against Rs 345 crore in the preceding fiscal. Profit was lower too, at Rs 138 crore, against Rs 224 crore.Meanwhile, PGFI is in the process of monetising its existing land bank. It recently launched its first independent real estate development project in Rajarhat, targeting the affluent.To be sure, the group’s transformation journey started sometime in 2021-22, when it built a new team and invited Bhattacharya, the former Coal India chairman and Haldia Petrochem director, to guide the team.The group, which saw its profit before tax falling at a compound annual rate of 11% between 2013-14 and 2018-19, did better between 2021-22 and 2024-25, with a 12% annual growth, said Supriyo Sinha, director PGFI and a key strategist.“The current investments will have significant funding costs and depreciation, thereby impacting near-term profits, but will enable future growth,” he said. Incorporated in 1932 as The Peerless Insurance Co Ltd by Radhashyam Roy, the company started mobilising small savings in 1956. The Reserve Bank of India classified it as a residuary non-banking company in 1987 when the central bank established the framework for regulating non-bank mobilisers of public deposits like Peerless.“Efforts in scaling up size and impact have been initiated across the company’s activities as well as group entities in a focused drive towards business transformation in many spheres,” Bhattacharyya said in the company’s latest annual report.