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Indian Market and The Federal Bank Stimulus

India’s rupee fell the most in a week on concern the Federal Reserve will scale back stimulus measures that have 
contributed to inflows to emerging markets. Fed Bank of San Francisco President John Williams said yesterday that the 
central bank may reduce its $85 billion in monthly bond-buying as early as this summer amid signs the economy is 
gaining strength. India’s highest interest rate among Asia’s largest economies will attract foreign capital, limiting the 
rupee’s losses, according to DBS Bank Ltd. Global funds boosted holdings of Indian debt to a record $37.8 billion on 
May 15, exchange data show, as the 10-year sovereign note offers 547 basis points more than similar-maturity U.S.
Treasuries.
Americans’ confidence in the economy climbed in May to the highest level in almost six years as rising real estate
values and record stock prices boosted household wealth. The gain in confidence shows Americans are overcoming the
effects of higher taxes and a package of federal spending cuts, known as sequestration that threatens to take a toll on
jobs. Stocks rallied as the reports underscored forecasts for a pickup in the economic expansion later this year.
Payrolls climbed in 30 U.S. states in April, while the unemployment rate dropped in 40, showing the labor market
strengthened across the country. Texas led the gains in payrolls, adding 33,100 jobs last month, followed by New York
and Florida, according to figures released today in Washington by the Labor Department.
Russia’s economy grew at the weakest pace since 2009 in the first quarter as the euro area’s longest recession hurt
demand for commodity exports and investment at companies including OAO Gazprom cooled. Gross domestic product
rose 1.6 percent from a year earlier, slowing for a fifth consecutive quarter, the Federal Statistics Service in Moscow
said today in an e-mailed statement. That compares with a median estimate of 1.2 percent in a Bloomberg survey of 23
economists and a 2.1 percent pace in the final three months of 2012. The Economy Ministry estimated first-quarter
growth at 1.1 percent.

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