Zolotaya Korona money transfer system in Uzbekistan may resume operations with a new operator next week

The US Federal Reserve left interest rates unchanged on Wednesday. This decision raises new questions about how central bank head Kevin Warsh will fulfill his promise to return inflation to the target level of 2 percent.

Fed Decision and Disagreements

The expected decision to maintain the benchmark interest rate in the range of 3.50–3.75 percent met with disagreement from three out of twelve members of the Federal Open Market Committee (FOMC), who would prefer to raise the rate by a quarter percentage point at this meeting.

These same three members—the presidents of the Federal Reserve Banks in Cleveland, Dallas, and Minneapolis—had previously expressed dissent at Jerome Powell's last meeting as Fed Chair in late April, where they advocated for abandoning the implied promise of interest rate cuts.

Fed Chair's Stance

Warsh, who took office as Fed Chairman in May, stated that he 'does not tolerate' inflation exceeding the central bank's target of 2 percent for more than five years. Until last month, inflation had accelerated due to rising global fuel and food prices caused by the Middle East war, as well as increased demand stimulated by investments in data centers and other artificial intelligence (AI)-related expenditures.

Comments and Market Reaction

In a brief policy statement following the two-day Fed meeting, it noted that 'inflation remains elevated compared to the Committee's 2% target,' reiterating the assessment from the June 17 statement. Furthermore, the Fed reported that economic activity is 'expanding at a confident pace,' noting, as in June, that job growth 'is in line with the labor force, and the unemployment rate has changed slightly.'

Following the release of the statement, US stocks reduced losses, while US Treasury yields fell, and the dollar weakened against the currency basket.

Analysts' Forecasts

Omar Sharif, founder and president of the forecasting firm Inflation Insights, suggested that the FOMC should be expected to raise rates by 25 basis points in September, unless labor market data collapses or core inflation approaches 2% year-over-year, which he does not anticipate in July or August figures before the September FOMC meeting.

By keeping the policy rate unchanged at the level maintained since December, Fed representatives signaled that current borrowing costs create sufficient constraints in the economy to curb inflation, which is not expected to subside on its own, for example, due to the impact of tariffs on goods prices.

Warsh spoke little about the risk balance or the future path of interest rates, although he expressed the view that productivity growth driven by AI will allow the economy to grow faster without fueling inflation. Before this week, financial markets assessed the probability of a rate hike at about one in three, and almost 100 percent if no such move was made in September. By then, Fed officials will have two more monthly inflation and labor market reports, giving them a clearer picture of whether the easing of price pressures observed last month has continued.

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Colgate-Palmolive India Ltd (CPIL) reported on Thursday a 7 percent rise in net profit, reaching 343.08 crore rupees for the June quarter of fiscal year 27. This growth was driven by increased sales volumes in its toothpaste portfolio and expanded margins.

Quarterly Financial Performance

According to the regulatory filings of the oral hygiene product manufacturer, the profit in the same period last year was 320.62 crore rupees. For the June quarter of FY27, sales grew by 12 percent, amounting to 1,590.56 crore rupees. Total expenses increased by 13.8 percent, reaching 1,160.57 crore rupees.

Total revenue, including other income, reached 1,626.10 crore rupees, demonstrating an annual increase of 12 percent.

Management Comments

Head of Development and CEO Prabha Narasimhan stated that the growth momentum is being maintained across the entire product range. She noted that the toothpaste portfolio showed confident volume growth in high single digits, supported by excellent dynamics in premium toothpastes, as well as steady growth in the core portfolio.

CPIL continues to maintain a healthy margin profile through cost savings and strict financial discipline. The gross margin in the first quarter of FY27 reached 69.7 percent, representing an increase of more than 110 basis points compared to the previous year.

Outlook and Risk Management

Prabha Narasimhan added that in the future, the company expects sustained growth stimulated by products based on advanced scientific developments and supported by continued investment in advertising. However, she emphasized that amid geopolitical uncertainty and its impact on raw material price volatility, the company is focused on actively managing its margin profile through a combination of cost reduction initiatives and precise price adjustments.

At the time of publication, CPIL shares were trading on the BSE at a price of 2,166.05 rupees per share, showing a growth of 1.43 percent.