Did you know that Argentina's inflation rate reached over 50% in 2019, one of the highest in the world at the time?

This is in stark contrast to the improvements brought about by Javier Milei, with investors welcoming his policies, and the media shunning him just as strongly.

In today’s edition, we’ll be taking a look at the following:

• India’s Trade-Off Has Paid Off: First, we’ll discuss how India’s economic reforms under Prime Minister Narendra Modi have positioned it as the fastest-growing major economy 💰

• The Media Hates Javier Milei, So He Must Be Doing Something Right: Next, we’ll look into Argentina's remarkable stock market performance and how President Javier Milei's effective policies are driving economic resurgence ✔️

• Inflation Obsession: Finally, we’ll examine the aggressive measures taken by the US Federal Reserve to tame the inflation beast 📊

Stay tuned as we discuss these stories, with all of the ups and downs and twists and turns that it entails!

India’s Trade-Off Has Paid Off 💰

When it comes to international financial markets, India has been one of the stars over the past year.

The world’s fastest-growing major economy is nearing a pivot point.

India’s weeks-long general election concludes on June 1.

It will determine whether Prime Minister Narendra Modi secures a rare third five-year term 🏛️

His leadership produced tremendous possibilities for investors while raising concerns among some investors about the health of India’s democracy.

While the concern is understandable, what skeptics get wrong is that making significant change usually requires a strong executive.

And India has needed and continues to need significant economic reform, and Modi has delivered 👌

Of course, there are risks when checks and balances on presidential power are not robust.

Fortunately for India, Modi has done much more good than harm 📈

The Media Hates Javier Milei, So He Must Be Doing Something Right ✔️

Argentina’s stock market is up 26% this year, one of the best performing stock markets in the world this year, and it’s up 59% over the past 12 months, thanks to Javier Milei, the recently elected president of Argentina.

The media has been criticizing him every step of the way.

The most recent story that has the media attention is Milei ruffling some feathers by suggesting that the Prime Minister of Spain may be corrupt 😈

The Prime Minister responded by recalling Spain’s Ambassador to Argentina out of Buenos Aires and back to Madrid.

Milei isn’t saying anything particularly novel.

He is simply observing what Spaniards already know 🤷🏻

The court in Spain has opened up an influence peddling investigation into the Prime Minister’s activities.

Investors continue to shrug off the media’s complaints, and are focused on the numerous policy improvements Milei has made to make Argentina’s financial markets attractive once again.

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Inflation Obsession 📊

From 2021 through mid-2023, the United States and much of the world experienced an inflation explosion—prices of most goods and services soared.

The Fed raised interest rates aggressively from March 2022 through July 2023, taking policy rates from 0.0% to 5.33%.

That’s been the most aggressive rate hiking cycle since the 1980s 😬

The result has been that inflation has moderated significantly.

While prices of most things stand about 25% higher than they were before this inflation surge, the rate of increase has moderated to a pace approaching the Fed’s 2% inflation target.

By this year, the Fed is likely to have succeeded in reaching that goal 🎯

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