Sensex ends below 60,000, Nifty sheds 130 pts; Bank, IT, Media lagFlo January 13, 2023
Asian indices had a mixed day as Tokyo and Shanghai exchanges continued their forward run registering a bright start to the year, while the Hong Kong market dropped a bit but still managed to register a great first week. The European market also is on the way to ending the first week of the year on a bright note.
Indices continued their downward spiral on Friday as Sensex closes 450 pts lower and Nifty 130 pts
Indian indices shed for the third day in a row to end the first week of 2023 on a negative note. Investors remained nervous ahead of the earnings season after recent warnings by some major companies.
Sensex slipped below 60,000 to close at 59,900. Sensex went below 59,700 intraday but recovered some losses. Nifty also slipped by 132 points to close at 17,859.
IT indices remained under pressure due to global negative cues and shed 2% in today’s trading. Media and Bank also ended with significant losses. FMCG, Energy and Consumer Durable closed flat with all other indices ending lower than yesterday’s close.
JSW Steel, TCS, IndusInd Bank, Bajaj Finserv and Tech Mahindra dropped more than 2% and featured prominently among laggards. Reliance and Britannia gained around a per cent in today’s trading.
Japan’s Nikkei share average reversed early losses to end higher on Friday as investors bought back beaten-down stocks with the yen weakening against the dollar. The Nikkei rose 0.59% after opening lower following Wall Street’s weak finish overnight. The index lost 0.46% for the holiday-shortened week.
China stocks logged a five-day winning streak on Friday on investors’ expectations that the economy would soon emerge from its COVID woes and stage a robust recovery in 2023.
China’s blue-chip CSI 300 Index closed up 0.3%, while the Shanghai Composite Index added 0.1%. Hong Kong’s Hang Seng Index slipped 0.3%. For the week, the CSI 300 Index gained 2.8%, while the Hang Seng benchmark advanced 6.1% to touch a six-month high.
European shares inched higher on Friday and were set for their best week in eight on a drop in natural gas futures and upbeat economic data, while investors awaited euro zone inflation figures. The pan-European STOXX 600 was trading higher in the morning session and was up 3.4% for the week so far.
Meanwhile, German factory orders fell in November, a reminder that the country’s manufacturers are still struggling — even as the economic backdrop improves.
Mercedes-Benz to launch 10 new vehicles in India in 2023, says CEO Santosh Iyer
German luxury carmaker Mercedes-Benz says that it launch ten new vehicles in India in 2023. According to a statement by a senior company official, majority of these cars will be in the over ₹1-crore price category.
The company launched its ‘AMG E53 4MATIC Cabriolet’ model in India today. It is priced at ₹1.3 crore. With the launch, the company is looking at an overall double-digit sales growth this year. (Read More)
Reliance makes open offer to acquire 26% stake in Lotus Chocolate
Two Reliance group firms – Reliance Consumer Products Ltd (RCPL) and Reliance Retail Ventures Ltd (RRVL) – have announced an open offer to acquire a 26 per cent additional stake in Lotus Chocolate.
The firms will together acquire 33.38 lakh shares of Lotus Chocolate from the open market at a fixed price of ₹115.50 per share, said a notice by DAM Capital, which is managing the offer.
The offer will aggregate to a total consideration of ₹38.56 crore over the full acceptance, said an open offer-detailed public statement shared by the company with stock exchanges on Thursday.
The open offer starts on February 21 and closes on March 6, said the public notice.
Shares of Lotus Chocolate, which manufactures chocolates, cocoa products and cocoa derivatives, had on Thursday closed at ₹149.35 apiece, which was the highest price in the last three months. (PTI)
Dabur India expects Q3 revenue in mid-single digit, stock down by nearly 4%
FMCG major Dabur India Ltd said on Friday its consolidated quarterly revenue is expected to report low to mid-single digit revenue growth, as rural demand continued to remain under pressure. However the company did see pickup in demand late in the third quarter.
“Demand trends for the industry remained weak during Q3 FY23 with rural markets continuing to remain under pressure. This was further accentuated by the late onset of winter in north India. However, early signs of moderate recovery were visible towards the latter part of the quarter coupled with some abatement in inflation,” said Dabur in its regulatory filing. (Read More)
India at relative ‘bright spot’ in world economy; must leverage exports: IMF
Having broadly recovered from the pandemic, India is a relative bright spot in the world economy today, growing at rates significantly above its peer average, IMF Deputy Managing Director Antoinette Sayeh has said on 6 January.
While speaking opening remarks at the Conference on South Asia’s Path to Resilient Growth India, she said, India needs to leverage its existing strength in services exports and extend it to job-rich manufacturing exports. (Read More)
TCS among biggest laggards of the day as it sheds 3%
Droneacharya Aerial Innovations shares hit 10% upper circuit, stock surges 70% since listing
Shares of Droneacharya Aerial Innovations Ltd surged to hit upper circuit level of 10% on the BSE, scaling a new high of ₹182 apiece in Friday’s trading session. The stock, which made its market debut on December 23, 2022, has been in upward momentum and has rallied about 70% since its listing. DroneAcharya is engaged in enterprise drone solutions for mining, agriculture, oil and gas, powerlines, highways, shipping, and urban and rural planning. (Read More)
Indian rupee to underperform this year; Fed may hike more than expected – BNP analyst
The Indian rupee could underperform its Asian peers this year in the face of a high current account deficit (CAD), while the central bank looks to absorb dollar inflows to rebuild its reserves, a senior executive at BNP Paribas said.
The likelihood that the U.S. Federal Reserve hikes rates more than what the market has priced in or rates remain higher for longer may also cause the rupee to depreciate significantly, said Siddharth Mathur, head of EM research, APAC at BNP Paribas.
“India’s CAD, in our estimate, will stay north of 3% and require financing. Plus, the Reserve Bank of India (RBI) will be looking to add to its pile of forex reserves,” and will be the key reasons for the rupee’s underperformance, Mathur said.
Over the last two months, the rupee has been among the worst-performing major Asian currencies. The RBI shoring up its forex reserves was one of the reasons for the currency’s underperformance, traders and analysts said. (Reuters)
Multibagger SME IPO gives 300% return to allottees within one month of listing. ₹1 lakh turns to ₹5 lakh
PNGS Gargi Fashion Jewellery shares listed on the BSE SME exchange last month at a whopping premium of nearly 100 per cent against its issue price of ₹30 per equity share. However, the dream debut for the SME stock didn’t end on the listing date only. The Multibagger IPO has went on to emerge multibagger stock within one month of its listing. One of the multibagger stocks delivered by the Indian stock market in recent times has given more than a 300 per cent return to its those allottees who remained invested in the stock after dream debut of shares on 20th December 2022. (Read More)
India’s April-December finished steel exports drop 54% y/y -data
India’s exports of finished steel more than halved during the first nine months of the fiscal year that began in April 2022, according to the latest government data seen by Reuters.
The exports fell 54.1% to 4.74 million tonnes between April and December, as consumption dropped in major global markets, and mills struggled to revive shipments after the recent withdrawal of an export tax.
However, the world’s second biggest producer of crude steel was a net exporter of the alloy during the April-Dec. period.
In May, New Delhi raised export tax by 15% on eight steel intermediates, hitting major steelmakers, who had hoped to boost global market share after Russia’s invasion of Ukraine, but the higher duties made shipments unattractive. (Reuters)
RBL share price hits 52-week high after strong Q3 business update. Buy or sell
RBL Bank shares have hit a fresh 52-week high in early morning deals on Friday. The private lender had reported a promising quarterly business update on Wednesday where it reported 12 per cent YoY growth in retail advances and 17 per cent YoY growth of wholesale advances. Despite weak opening in morning deals, RBL share price attracted buying interest of stock market bulls and went on to hit an intraday high of ₹189.30 on NSE.
Bank index under pressure in today’s session with almost all stocks trading in red
Taming inflation a top priority for South Asian countries: RBI Governor Shaktikanta Das
The Reserve Bank of India (RBI) Governor Shaktikanta Das said on Friday that taming inflation is the top priority for South Asian countries as risks to growth and investment outlook could rise if price pressures persist at high levels,
Speaking at a conference organised by the International Monetary Fund (IMF) on Friday, the Governor was talking along the lines of the South Asian region’s macroeconomic challenges and policy priorities, saying that policy challenges in the region have sharpened due to the Covid-19 pandemic and the war in Ukraine. (Read More)
Anand Rathi Q3 FY23 overvew on IT Sector: Slowing revenue, stable/improving margins, mid-caps narrowing margin gap with large caps, but losing the edge of faster growth
We expect companies to largely maintain their TCVs, but report slower growth in Q3 for various reasons such as more furloughs or client-specific challenges.
The sector is likely to report aggregate ~2% q/q dollar growth and 8% y/y on $ basis (~13% CC). Sequentially, dollar growth has returned to pre-pandemic levels.
Margins are likely to inch up sequentially on many tailwinds (lower cross-currency headwinds, easing attrition pressure and rupee depreciation). More benefits are likely to follow in Q4.
Outliers on the upside are HCLT, Coforge, Persistent, KPIT and Latent View.
Outliers on the downside are Mphasis and FSL.
Why top mutual fund is buying Delhivery, Policybazaar shares
Franklin Templeton bought shares of some Indian technology startups after concerns over valuations and higher interest rates shaved more than $20 billion in market value from five high-profile recent market debutants.
“We are looking at new tech companies as their valuations have been reset,” Anand Radhakrishnan, chief investment officer for equities at Franklin Templeton’s India unit, said in an interview. “More importantly, there is data available about their business models.” (Read More)
Britannia continues to lead the FMCG surge as it gains a per cent in today’s trading
Samsung’s quarterly profit plunges to 8-year low on demand slump
Samsung Electronics Co Ltd flagged on Friday its quarterly profit tumbled by two-thirds to an eight-year low as a weakening global economy hammered memory chip prices and curbed demand for electronic devices.
The dismal profit estimate by the world’s largest memory chip, smartphone and TV maker – a bellwether for global consumer demand – sets a weak tone for other technology firms’ quarterly results.
Samsung’s profits are expected to shrink again in the current quarter, analysts said, after the South Korean company announced its October-December operating profit likely fell 69% to 4.3 trillion won ($3.37 billion) from 13.87 trillion won a year earlier.
It was Samsung’s smallest quarterly profit since the third quarter of 2014 and fell short of a 5.9 trillion won Refinitiv SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate. (Reuters)
Bajaj Finance shares extend losses as stock tanks below ₹6,000 mark
Shares of Bajaj Finance extended losses for the second straight session after posting a disappointing December quarter (Q3) updates. The stock has plunged below the ₹6,000 mark on Friday, for the first time since July 2022, by declining over 2% to ₹5,974 per share on the BSE in early deals. Extending its fall, the stock has tanked over 9% in the last two sessions.
On Thursday, Bajaj Finance shares tumbled as much as 8% after reporting moderate growth in new loans and assets under management (AUM) for the third quarter of the current fiscal. (Read More)
Noon Update: Indices under pressure as Sensex sheds 200 pts and Nifty 50 pts
IT index slides by a per cent in today’s trading as almost all stocks trade in red
India becomes 3rd largest auto market globally, surpasses Japan: Report
India is now the world’s third-largest auto market, reports Nikkei Asia. Based on preliminary results, the country’s l, topping the 4.2 million sold in Japan. According to the Society of Indian Automobile Manufacturers, new vehicles delivered in India totalled 4.13 million between January and November 2022, the report says. India’s largest carmaker, Maruti Suzuki sales volume reported on Sunday takes the total to roughly 4.25 million units.
In 2021, China continued to lead the global auto market, with 26.27 million vehicles sold. The US remained second at 15.4 million vehicles, followed by Japan at 4.44 million units. (Read More)
India records 228 Covid infections; active cases decline to 2,503
India saw a slight rise in Covid cases with 228 new infections reported in the last 24 hours, according to the Union Health Ministry data updated on Friday. This slight rise in infections comes a day after the country reported 188 cases yesterday. With this, the active cases declined to 2,503. The Covid case tally was recorded at 4.46 crore (4,46,79,547).
As per the health ministry’s data, the death toll stands at 5,30,714, with four deaths recorded in the last 24 hours. Two deaths were reconciled by Kerala while one death each was reported from Bihar and Uttarakhand in the last 24 hours, the data updated at 8 am stated. (Read More)
Coal India shines as it jumps 2%; leads the stock chart
InCred Financial announces public issue of up to ₹350 crore of NCDs
InCred Financial Services Limited has announced the public issue of Secured, Redeemable Non-Convertible Debentures (NCDs) of the face value ₹1,000 each, amounting to ₹175 crore with an option to retain oversubscription up to ₹175 crore, aggregating to a total of ₹350 crore. The Issue will open next week on Monday, January 9, 2023 and is scheduled to close on Friday, January 27, 2023.
The NCDs proposed under the Issue have been rated CRISIL A+/Stable by CRISIL Ratings Limited. Non-convertible debentures (NCDs) are aimed to be used as a financial tool to raise long-term capital. The Lead Manager to the Issue is JM Financial Limited. (Read More)
FMCG continues to shine as most stocks in the index in trading higher
Axis Securities earnings preview on Infra-Road and Cement
INFRA-ROAD – Q2FY23 RESULT PREVIEW: EXECUTION DRIVES GROWTH, OUTLOOK REMAINS POSITIVE
Outlook: With NHAI looking to award several road projects under the central government’s flagship program Bharatmala Pariyojana for building highways and expressways and an increase in overall capital expenditure, we expect the pace of road construction to gain further momentum. The NHAI has set a target of awarding 6,500 km in FY23.This coupled with the tightening of bidding norms is expected to create better order inflows for organized players in Q4FY23. During the last fiscal, the NHAI awarded over 6,300km of road projects. Moreover, the National Infrastructure Pipeline, which aims to develop overall infrastructure, would support road construction moving forward. Since the majority of these projects would be awarded under EPC and HAM models, the road construction companies will be major beneficiaries of the government’s infra spending. On the negative side, the rising interest costs will impact more leveraged players. The NHAI has tightened the bidding norms which will help listed players to be more competitive. With a robust order book, healthy bidding pipeline, and diversified order book, we remain positive on the prospects of the overall sector.
Our preferred picks in the sector: PNC Infratech, HG Infra; KNR Construction.
CEMENT Q3FY23 PREVIEW: COST PRESSURE TO EASE, DEMAND OUTLOOK ENCOURAGING
Overall cement industry demand to grow in the range of 9-10% in FY23: For companies under our coverage, we expect cement Volume/Revenue to grow at 9%/14% YoY owing to better demand and higher realizations. However, EBITDA/APAT is expected to contract by 11%/20% YoY, led by higher energy prices, though we see a sharp improvement in EBITDA/PAT on a QoQ basis. We estimate overall cement industry demand to grow in the range of 9-10% in FY23.
Our preferred picks in the sector are: Large cap – Ambuja and Dalmia Bharat. Mid Cap – JK Lakshmi and JK Cement, Small Cap – Star Cement.
Reliance Industries shines in early trading as it gains a per cent
ChatGPT Creator OpenAI in Talks for $29 Billion Value, WSJ Says
OpenAI, the artificial intelligence lab that developed the viral ChatGPT chatbot and Dall-E image generator, is in talks to sell shares in a tender offering valuing the company at about $29 billion, the Wall Street Journal reported, citing people familiar with the matter.
Venture capital firms Thrive Capital and Founders Fund are in discussions to invest in the deal, which would include the sale of at least $300 million of shares from existing investors such as employees, the Journal said. The transaction would almost double the company’s valuation from a tender offer in 2021, and would make it one of the most valuable US startups on paper despite having little revenue, the paper said.
Existing backers of OpenAI include Microsoft Corp., which has invested $1 billion in the organization. Last month, Reuters reported that OpenAI was forecasting $200 million in revenue this year and $1 billion annually by 2024, and was most recently valued at $20 billion. (Bloomberg)
Indices open flat with Bajaj twins once again finding themselves in red dragging the market
Prabhudas Lilladher forecast on Nifty: The index has got the crucial support zone of 17800 levels
Vaishali Parekh, vice president – technical research, Prabhudas Lilladher Pvt. Ltd: Nifty witnessed a volatile session on the weekly expiry day of the F&O segment with the index fluctuating from 18120 levels to touch the low of 17900 levels with heavy profit booking witnessed in the Banking and Financial services stocks. The index has got the crucial support zone of 17800 levels and upside as said earlier is capped near 18250-18300 zone which is acting as a strong resistance zone.
Sensex remains at preopen; Reliance Industries, NTPC, L&T in focus in today’s session
Reliance Securities Stock in Focus for Today: ABB
STOCK IN FOCUS
ABB (CMP 2,806) – In view of strong capex uptick, high earnings growth and backing by ABB global, we have our BUY rating with a Target Price of Rs3,500.
HEROMOTOCO (PREVIOUS CLOSE: 2,767) BUY
For today’s trade, long position can be initiated in the range of Rs2,752-
2,735 for the target of Rs2,815 with a strict stop loss of Rs2,714.
HINDALCO (PREVIOUS CLOSE: 466) BUY
For today’s trade, long position can be initiated in the range of Rs464-
461 for the target of Rs479 with a strict stop loss of Rs454.
ICICIGI (PREVIOUS CLOSE: 1,277) BUY
For today’s trade, long position can be initiated in the range of Rs1,262-
1,254 for the target of Rs1,295 with a strict stop loss of Rs1,239.
Centre leans on states to put asset monetization on track
With the national monetization pipeline (NMP) targets faltering, the union government and NITI Aayog plan to focus on asset monetization in states with line ministries told to issue guidelines to help with the sales. As part of the playbook, the Union power ministry has already issued guidelines for monetization of transmission assets, and other ministries are expected to follow suit.
“Ministries in the union government may provide knowledge-based support and asset-specific guidance to states in order to help states carry on the asset monetization process,” said an official aware of the development.Another official said NITI Aayog has undertaken several state-specific workshops and would also organize a national workshop on monetization. (Read More)
US securities regulator probes FTX investors’ due diligence: Report
The U.S. Securities and Exchange Commission (SEC) is seeking details about FTX investors’ due diligence, according to two sources familiar with the inquiry, as fallout from the crypto firm’s collapse spreads. The SEC has so far brought charges against three of FTX’s top executives, accusing them defrauding investors in the crypto trading platform that has since filed for bankruptcy.
The SEC is now asking financial firms what diligence policies and procedures they have in place, if any, and whether they followed them when choosing to invest in FTX, the sources said. (Read More)
Sebi permits govt stake in IDBI Bank to be classified as ‘public’ post divestment
IDBI Bank on Thursday said the Sebi has permitted the Union government to classify its stake in the bank as “public” after its stake sale on condition that its voting rights do not exceed 15 per cent of the total voting rights.
The intention of the Government of India to get its shareholding re-classified as public holding shall be specified in the letter of offer dispatched to the shareholders of IDBI Bank in connection with open offer made by the new acquirer, IDBI Bank said citing the letter of Sebi.
After completion of the strategic disinvestment, IDBI Bank has to make an application to the Stock Exchanges for reclassification of Government of India holding under the public category, it said in a regulatory filing.
Further, the Securities and Exchange Board of India (SEBI) has also directed the new buyer to comply with minimum public shareholding norms within one year of the sale, it said. (PTI)
Ashish Kacholia buys stake in multibagger stock that has surged 3000% in 7 years
Shares of Raghav Productivity Enhancers Ltd are one of those stocks on Dalal Street that have delivered a whopping return to its shareholders in the last few months. It is one of the multibagger stocks that the Indian stock market has produced in recent years. However, it seems that some steam in the scrip is still left. As per the shareholding pattern of Raghav Productivity Enhancers Ltd for October to December 2022 quarter, the names of Ashish Kacholia and Mukul Agrawal have appeared in the list of individual shareholders of the company. This means Raghav Productivity Enhancers share has entered Ashish Kacholia’s portfolio and Mukul Agrawal’s portfolio. (Read More)
Bitcoin, ether, other crypto prices today fall; Cardano gains
In cryptocurrencies, bitcoin price today slipped with the world’s largest and most popular digital token trading flat with a negative bias at $16,819. Overall, the global cryptocurrency market cap today remained below the $1 trillion mark, as it was down in the last 24 hours to $850 billion, as per the data by CoinGecko.
“The price of Bitcoin has remained below $17,000 due to market volatility following the recent Federal Open Market Committee’s (FOMC) minutes. The FOMC has indicated that it will maintain interest rate hikes, which has caused market participants to react. The current support level for BTC is at $16,800, with resistance at $16,900 and $17,000,” said chief executive officer (CEO) and Co-founder, Edul Patel, Mudrex. (Read More)
Stocks to Watch: RIL, NTPC, IDBI Bank, Godrej Consumer, L&T, Rail Vikas Nigam, Lupin, RHI Magnesita, Dharmaj Crop Guard, Kewal Kiran Clothing
Indowind Energy and OCL Iron and Steel will be among the stocks in focus as they declare their December quarter earnings today. Indices continued their downward spiral for the second day on Thursday as it shed 0.5%. (Read More)
RVNL bags project worth ₹166 crore from Gujarat Metro Rail Corp
State-owned Rail Vikas Nigam Ltd (RVNL) on Thursday said that it has bagged a project worth ₹166 crore from Gujarat Metro Rail Corporation (GMRC).
The project is expected to be completed within 22 months.
“Rail Vikas Nigam Ltd (RVNL) – ISC Projects Private Limited JV’ has received LOA (Letter of Acceptance)… for design, supply, installation, testing and commissioning of ballastless track from Sarthana to Dream city in elevated and underground sections, including connecting lines to depot along with ballasted/ballastless/ embedded standard gauge track for corridor-1, Surat Metro Rail Project, Phase-1,” the state-owned firm said in a BSE filing. (PTI)
Digital competition bill may reach House in monsoon session
The ministry of corporate affairs (MCA) has accepted the suggestion from the Parliamentary standing committee on finance to bring a new law to police Big Tech and has started work in this area with the idea of tabling a bill in the monsoon session of Parliament, a person informed about the discussions in the government said.
The proposed new law will only apply to large digital firms identified based on parameters like core services, market size, number of business users, consumer traffic on their platform and the volume of transactions. The EU legislation specifies that a set of core service providers, including certain messaging services, video-sharing platforms, cloud computing services and operating systems, who meet market and end user-based thresholds, will be designated as digital gatekeepers. (Read More)
Sah Polymers IPO: What GMP signals as all eye set on share allotment date
After the closure of bidding for the IPO (Initial Public Offering) of Sah Polymers, bidders are eagerly waiting for the finalisation of share allocation. As per the tentative schedule of the public issue worth ₹66.30 crore, Sah Polymers IPO allotment date is most likely on 9th January 2023.
Meanwhile, due to weak sentiments on Dalal Street, grey market sentiments in regard to the public issue have dropped drastically in the last 60 hours. According to primary market observers, shares of Sah Polymers are available at a premium of Re 1 in the grey market today. (Read More)
Buy or sell: Vaishali Parekh recommends 2 stocks to buy today
Vaishali Parekh of Prabhudas Lilladher has recommended two stocks to buy today, here we list out full details in regard to those intraday stocks for today:
1] Zydus Life: Buy at ₹432, target ₹450, stop loss ₹425; and
2] Coromandel International: Buy at ₹902, target ₹942, stop loss ₹890. (Read More)
Manchester City inks deal with Mukesh Ambani’s Reliance Jio to spur India push
Mukesh Ambani’s Jio Platforms Limited (Jio) entered into a regional partnership with Manchester City on 5 January, enabling India’s leading digital services brand to become the Club’s Official Mobile Communications Network Partner in the country. Man City’s OTT platform CITY will be integrated into the JioTV platform providing fans in India further access to exclusive club content including match highlights, live Manchester City Women’s team and others, according to the agreement. (Read More)
IT firms set to beat earnings forecasts for December quarter
The Indian information technology (IT) services industry, which typically sees a seasonally weak December quarter every year, may beat Street expectations this time, say experts. The large-cap IT firms were earlier expected to report a weak December quarter amid concerns around inflation in the key western markets of the US and Europe. (Read More)
Wall Street stocks end the day lower on Thursday with the labour market in focus
US stocks closed lower as continued evidence of strength in the labor market fueled speculation the Federal Reserve has room to keep raising rates. Short-dated Treasuries fell.
The S&P 500 and the Nasdaq 100 each lost more than 1% after hiring numbers surpassed estimates in a private payrolls report and new claims for unemployment benefits unexpectedly fell last week. The policy-sensitive, two-year Treasury yield climbed the most in a month. The dollar strengthened versus major peers.
Dovish comments from St. Louis Fed President James Bullard, who said rates are getting closer to a sufficiently restrictive zone, briefly improved sentiment but were not enough to divert focus from hiring data. The Fed has suggested that a tight labour market remains a threat to its efforts to slow inflation, ramping up the stakes for government employment figures due early Friday.
At the same time, officials remain worried that financial conditions could get too loose to effectively crimp economic growth, even after the Fed embarked on the most aggressive tightening campaign in decades. (Bloomberg)
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