WASHINGTON, Nov 4 ― World shares climbed yesterday as US Treasuries rose and the curve steepened after the US Federal Reserve, as expected, approved plans to begin scaling back its bond-buying stimulus programme this month and end it by June. The pan-European STOXX 600 index rose 0.35 per cent...
WASHINGTON, Nov 4 ― World shares climbed yesterday as US Treasuries rose and the curve steepened after the US Federal Reserve, as expected, approved plans to begin scaling back its bond-buying stimulus programme this month and end it by June.
The Fed also maintained its assessment that high inflation would prove “transitory” and likely not require a fast rise in interest rates. John Canavan, lead analyst at Oxford Economics, said while the wording in the Fed's meeting statement provided “some acknowledgement of the uncertainty regarding the transitory nature of inflation,” the central bank continued to espouse the transitory view.
“It's also leading me to think ... we can probably expect one, maybe two, rate hikes tops in late 2022, which is less than many had kind of priced in,” said Pursche, adding that he views “a lot of actions are going to be predicated on continued economic improvement and the inflation outlook.” Meanwhile, the US job market may have improved enough by the middle of next year to be considered at “maximum employment,” Fed Chair Jerome Powell said yesterday after its policy meeting.
The dollar index softened after the Fed statement, hitting a session low before reversing some of the losses and fell 0.267 per cent.Ether, the world's second-largest cryptocurrency, hit an all-time high yesterday, catching up with bitcoin's rally and riding on news of wider blockchain adoption.
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