Announcement for shifting branch premises of Bank of Baroda, Doliya Branch, Ta. Sayla, Dist. Surendranagar
Bank announces Financial Results for Quarter ended, 30th June 2026.
As an enhanced security measure, our official Corporate Website has migrated to a new domain : https://bankofbaroda.bank.in
With Bank Of Baroda personal loan, you get lowest interest rates, instant approval with minimal documentation. Checkout Bank of Baroda personal loan interest rates & eligibility. Apply now!
Apply for Bank of Baroda Home Loan online at the lowest interest rates. Checkout our home loan eligibility, interest rates, documentation. Get instant home loan approval. Apply now!
Car Loan: Apply for auto loan online by Bank of Baroda at an attractive interest rates & easy EMI option. Upto 90% financing on on-road price. Buy your dream car today!
Why should finance come in the way of future? Getting an education loan is an easy way to finance your dreams. A student loan can help you get into the university of your choice. Bank of Baroda is here to finance your dreams, education & career goals.
The easiest way to save for you, for your loved ones, and for your future. A savings account gives you the liberty to choose according to your needs and additionally give you benefits for all your transactions. With a gamut of savings account features on the table, Bank of Baroda is here to make your banking simple and easy!
Open Current Account online at Bank of Baroda to meet all your banking needs. Go to our website to learn more about the different types of current accounts we offer and apply now!
Bank of Baroda deposit plans offer convenient solutions to both working individuals as well as senior citizens. These deposits are categorised into deposits with a term period of less than 12 months, more than 12 months and recurring deposits.
An account for all. B3 Silver Account comes with maximum savings and zero Quarterly Average Balance (QAB). Also, make the most of coins and annual offers from Loyalty Rewardz to fulfill yearlong subscriptions and shopping.
Locate Us, Anytime, Anywhere
Bank of Baroda focuses on its employees, offering a career rather than just a job. Various initiatives are in place to groom employees throughout their life cycle. A comprehensive talent management system to groom future leaders of the bank.
Bank of Baroda offers various types of personal banking cards such as Credit, Debit, Prepaid, Business & Travel Cards. Choose the one best suited card for your needs.
Global markets remained cautious as host of policy decisions are scheduled (US, UK, Japan, Brazil and South Africa). Market has already priced in a Sep cut by Fed; however, the quantum would be crucial. Elsewhere, ECB official after delivering a rate cut again hinted at softer policy on the back of inflation aligning to its target. In China, weak high frequency data has raised anticipation of policy intervention. PBOC also hinted at stimulus to buttress growth. Amongst major macro releases, US consumer sentiment improved for the second consecutive month. Inflation expectations of the region for 1 year ahead moderated. Industrial production in both the Euro Area and EU softened. On domestic front, India’s 10Y dipped below the 6.8% mark and resistance level will be further tested in the Fed policy week.
Source: Bloomberg, Bank of Baroda Research
Source: Bloomberg, Bank of Baroda
Source: RBI, Bank of Baroda Research
Source: Bloomberg, Bank of Baroda Research │ Note: Data for Mutual Funds as of 5th and 6th Sep 2024
Momentum got built around in the global market over beginning of rate cut cycle by Fed. Bets intensified over half a percentage cut by Fed as visible in the 1month OIS rates and CME data. Any deviation from the expected outcome might lead to volatility. Even US government official confirmed that inflation is nearing its normal levels and lower borrowing cost would be supportive, at the current juncture. Adjustments among major asset class continued with gold trading near record high benefitting from a weaker dollar. DXY softened by 0.3%, that comforted major EM currencies. In a data light trading day, it was mainly sentiment driven movement. A lot also hinges on BoJ Governor’s future guidance to shed light on the quantum of policy divergence with the US. On domestic front, India’s 10Y yield shied just away from the 6.75% mark and the resistance level below it will be tested based on Fed’s rhetoric.
Source: Bloomberg, Bank of Baroda Research. Note: Markets in Japan and China were closed on 16 Sep 2024.
Source: Bloomberg, Bank of Baroda. Note: Markets in Japan and China were closed on 16 Sep 2024.
Source: Bloomberg, Bank of Baroda Research.
Source: RBI, Bank of Baroda Research.
Source: Bloomberg, Bank of Baroda Research. Note: Data for Mutual Funds as of 10th and 11th Sep 2024.
Fed delivered an outsized rate cut of 50bps. The rationale was to prevent the economy from a downturn. Fed’s projections have been dovish. It estimated terminal Fed rate for CY24 at 4.4% and 3.4% for CY25, with gradual convergence to 2.9%. Unemployment rate projections have been revised higher for CY24 by 40bps, growth a tad lower by 10bps at 2%, Core PCE lower by 20bps. This would shape movement of major market variables, going ahead. Dollar is expected to soften. US 10Y yield would also witness buying momentum. Other asset class such as Gold would also nudge higher supported by weaker dollar. Oil prices would be more contingent on weaker demand from China and the supply side tinkering. Reverberation of lower policy rates will also be felt in major AEs and EMs. In a separate news, Hong Kong Monetary authority also lowered its base interest rate, post Fed decision. On domestic front, the southward bound of 10Y yield will persist.
Source: Bloomberg, Bank of Baroda Research. Note: Markets in Hong Kong were closed on 18 Sep 2024.
Source: Bloomberg, Bank of Baroda. Note: Markets in India were closed on 18 Sep 2024.
Source: Bloomberg, Bank of Baroda Research. Note: Markets in India were closed on 18 Sep 2024.
Global markets showed the impact of outsized rate cut by Fed followed by a dovish guidance. Equity markets were supported by easing liquidity concerns. Amongst major asset class, gold prices firmed up. Oil continued its rally due to hopes of revival in demand from softer global interest rate. However, US$ witnessed some correction. On macro front, US jobless claims also reiterated Fed’s concern on softening job market with the print dipping to its lowest since May’24. BoJ kept policy rate unchanged. However, it has revised up its assessment of private consumption, signalling optimism on growth. To add to this, even CPI data remained sticky. Thus, future policy response of BoJ remains doubtful which could add some volatility. BoE kept rates unchanged and signalled no hurry in future response. On domestic front, domestic yield softened, and currency got support from central bank intervention.
Source: Bloomberg, Bank of Baroda Research. Note: Hang Seng was closed on 19 Sep 2024.
Source: Bloomberg, Bank of Baroda.
Source: Bloomberg, Bank of Baroda Research. Note: Data for Mutual Funds as of 12th and 13th Sep 2024
@2024 Bank of Baroda. All rights reserved
Important disclosures are provided at the end of this report.
Disclaimer
The views expressed in this research note are personal views of the author(s) and do not necessarily reflect the views of Bank of Baroda. Nothing contained in this publication shall constitute or be deemed to constitute an offer to sell/ purchase or as an invitation or solicitation to do so for any securities of any entity. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. Bank of Baroda Group or its officers, employees, personnel, directors may be associated in a commercial or personal capacity or may have a commercial interest including as proprietary traders in or with the securities and/ or companies or issues or matters as contained in this publication and such commercial capacity or interest whether or not differing with or conflicting with this publication, shall not make or render Bank of Baroda Group liable in any manner whatsoever & Bank of Baroda Group or any of its officers, employees, personnel, directors shall not be liable for any loss, damage, liability whatsoever for any direct or indirect loss arising from the use or access of any information that may be displayed in this publication from time to time
Connect with Us
For further details about this publication, please contact: Economics Research Department Bank of Baroda +91 22 6698 5794 chief.economist@bankofbaroda.bank.in
The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
Related Articles
Request Call Back