Investment Insights

Suyash Choudhary

…But Seriously

By: Suyash Choudhary

Indian bonds have continued to fare quite well versus the rest of the world post demonetization, although with significantly more two way volatility. This is partly owing to the fact that incrementally the so-called ‘Trump’ trade’(higher dollar and US yields) seems to have tired out in the near term, as markets await more concrete information […]

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Suyash Choudhary

Fixed Income Themes for 2017

By: Suyash Choudhary

The year gone by started pessimistically but on balance proved to be quite a rewarding one for fixed income. A complete turnaround in RBI liquidity philosophy leading to quantum bond purchase from the market, Rajan and Britain exits triggering expectations of more monetary easing locally and globally, and finally demonetization resetting RBI rate cut expectations; […]

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Suyash Choudhary

The year gone by started pessimistically but on balance proved to be quite a rewarding one for fixed income. A complete turnaround in RBI liquidity philosophy leading to quantum bond purchase from the market, Rajan and Britain exits triggering expectations of more monetary easing locally and globally, and finally demonetization resetting RBI rate cut expectations; […]

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Suyash Choudhary

The RBI policy surprised most in the market, in that not only did the central bank not cut rates (an outcome expected by a minority) but actually came out sounding quite a bit hawkish. Key takeaways were as follows:   1. Growth outlook for the current year is uncertain with the demonetization; especially since there […]

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Suyash Choudhary

A lot has happened both globally and here in India over the past month. Globally, the incipient expectations that the burden of shouldering growth may somewhat start shifting towards fiscal policy from purely monetary easing hitherto got a decided leg up with Trump’s election to the US presidency. Led by a US sell off, global […]

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IDFC Mutual Fund

The scale of black money and unaccounted wealth in India has been much talked about although putting an exact quantum remains difficult. What is certain is that currency in circulation at ~12% (much higher than other economies) of GDP has been growing at a faster pace than nominal GDP growth over the last few years. […]

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Suyash Choudhary

As would be well known by now, the government has rendered defunct currency notes of 500 and 1000 denominations. There is a window provided to exchange outstanding notes with new notes and / or deposit them in respective bank accounts. To put this in perspective, the outstanding amount under these 2 note denominations is in […]

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Suyash Choudhary

The recently concluded RBI policy, the first under Governor Urjit Patel and the newly constituted monetary policy committee (MPC) format, has left much food for thought for markets, economists, and commentators. After the first round of mulling over, the consensus seems to be that the bend of policy is decidedly towards further easing. With the […]

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Suyash Choudhary

RBI Policy October 2016: Takeaways

By: Suyash Choudhary

The RBI cut rates by 25 bps, taking repo to 6.25%. This was broadly consistent with the direction of policy that almost all participants in the market were anticipating, although timing of the next cut was being debated about. The following are our chief takeaways from the policy and the subsequent press conference. Please note […]

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Suyash Choudhary

Urjit Patel Signs In   The appointment of Urjit Patel as the next RBI governor rounds off two months of hectic speculation in local financial markets. The consistent underlying theme of this speculation was that the government had just about had it with Rajan’s ‘tight’ monetary policy and now wanted to ‘give growth a chance’. […]

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