Are Central Banks Enabling Unsustainable Government Deficits?

Recent developments suggest that the US Federal Reserve's bond purchases are no longer just a "monetary operation," but an essential component of the US government's fiscal financing. The sooner that the Fed and other similarly situated central banks recognise the trap they have created for themselves, the better.

Raghuram Rajan

January 12, 2026 at 1:50 PM IST

Via WikiCommons

What the Fed Moment Reveals About America’s Malignant Normality

Why Trump was never the real anomaly, and how institutions, professionals, and elites slowly learned to treat democratic danger as routine.

R. Gurumurthy

January 12, 2026 at 8:24 AM IST

White House

Why Trump Has an Affordability Problem

As prices stay nearly 25% above pre-pandemic levels, Trump’s dismissal of affordability fears ignores tariffs, inflation psychology, and the everyday costs squeezing US households.

Michael R. Strain

December 26, 2025 at 3:42 AM IST

Kremlin

How the Fed Became a Lender of Immediate Resort

By acting as a lender of immediate resort, the Fed may have steadied markets, but it also left the underlying incentives unchanged, setting the stage for the next crisis and putting its independence under strain.

Amit Seru

December 25, 2025 at 6:01 AM IST

Federal Reserve

Market Wrap

Equities End Lower for Fourth Straight Session as Caution Prevails

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

Dehuti Jani

December 18, 2025 at 11:36 AM IST

iStock.com

Market Wrap

Equities Extend Fed-Led Rebound; Auto Sales Hit Record November High

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

Dehuti Jani

December 12, 2025 at 12:33 PM IST

Istock.com

Market Wrap

Sensex, Nifty Rebound After Fed Cut; Rupee Hits New Low

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

Dehuti Jani

December 11, 2025 at 11:41 AM IST

Market Wrap

Equities Slip as Investors Await Fed Decision

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them.

Dehuti Jani

December 10, 2025 at 12:00 PM IST

US Federal Reserve

Market Wrap

Sensex, Nifty Extend Slide as Fed Uncertainty and Trade Deal Worries Weigh

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

Dehuti Jani

December 9, 2025 at 11:39 AM IST

istock

Why India Keeps Paying the Psychological Price for the Fed’s Mixed Signals

India’s markets remain steady on fundamentals but still swing to every hint of Federal Reserve uncertainty, revealing how psychology now shapes price action.

Kirti Tarang Pande

December 7, 2025 at 5:35 AM IST

US Federal Reserve

Deregulation in an Age of Imperial Ambition

Washington’s push to unwind post-crisis safeguards signals a deeper shift: political ambition overtaking regulatory discipline. As US institutions dilute standards they once enforced globally, the credibility underpinning the rules-based order begins to erode, with worldwide consequences.

Srinath Sridharan

December 2, 2025 at 7:18 AM IST

Get Ready for an Overdue Fed Overhaul

A fractured Fed, unreliable data, and colliding goals have pushed policy into uncertainty. What matters now is not who votes—but whether the institution can evolve.

Mohamed A. El-Erian

November 29, 2025 at 7:49 AM IST

Federal Reserve

Market Wrap

Markets Retreat Amid Global Risk-Off Wave; Rupee Hits Record Low

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them.

Dehuti Jani

November 21, 2025 at 11:51 AM IST

Amey Bane/iStockphoto.com

Is Bessent Right About the Fed?

Did the Fed’s aggressive asset purchases inflate risky bubbles and blur its core mandate? A closer look at how unconventional policy may have compromised financial stability.

Willem H. Buiter

November 5, 2025 at 7:25 AM IST

The US Department of the Treasury

RBI’s Auction Rebuff Calms Bonds, but Upside Risks to Yields Remain

India’s central bank’s surprise rejection of bids in a seven-year bond sale soothed markets briefly, yet underlying demand-supply tensions remain entrenched.

Yield Scribe

November 2, 2025 at 3:13 PM IST

Cross-Currency

Fed Cuts, Powell Cautions; Xi, Trump Begin Bargain Talks

A quick take on global markets before the noise begins.

V Thiagarajan

October 30, 2025 at 4:45 AM IST

Fed Cuts Rates but Powell Signals Pause Ahead

The probability of another cut in December dropped sharply from over 90% a day earlier to below 70%, according to CME’s FedWatch tool.

BasisPoint Insight

October 30, 2025 at 1:55 AM IST

US Federal Reserve

Are Global Markets Truly Steady or Just Holding Their Breath?

Amid tight policies and global uncertainty, financial markets continue to function smoothly, reflecting resilience built through hard-earned lessons

Babuji K

October 28, 2025 at 7:20 AM IST

iStock.com

Cross-Currency

Trump-Xi Hopes Lift Mood as Markets Chase Ghosts of Past Truces

Cross-Currency is BasisPoint’s daily markets note by V. Thiagarajan, decoding global shifts through currencies and the moods that move them.

V Thiagarajan

October 28, 2025 at 5:36 AM IST

Federal Reserve

Interview

Calm Hands Steer India Through Policy Storms

Dr. Michael Patra’s new book reveals the inner theatre of India’s central banking—from crisis firefighting to quiet reforms.

Kalyan Ram

October 27, 2025 at 4:56 AM IST

Briefing

Fed Vs RBI: How They Differ in Monetary Policy, Rates, Inflation Targeting

Inside the Fed and RBI: Why Two Central Banks See Inflation and Growth Differently

Babuji K

October 11, 2025 at 4:44 AM IST

iStock.com

The Morning Edge - FOMC Minutes, Nikola

A newsletter designed to prepare you for the day, offering a concise summary of overnight developments and key events ahead that could influence your workday.

Richard Fargose

February 20, 2025 at 1:44 AM IST

The Morning Edge

A newsletter designed to prepare you for the day, offers a concise summary of overnight developments and key events that could influence your day

Richard Fargose

February 18, 2025 at 2:12 AM IST

Market Wrap

Market Wrap

Market Wrap

Market Wrap

Market Wrap

Market Wrap

Cross-Currency

Cross-Currency

Interview

Briefing

The Bureau