HONG KONG, Nov 4 — Markets rose today to track another record on Wall Street after the Federal Reserve said it would this month start tapering its pandemic support programme but would be patient in hiking interest rates as the economy continues to recover. The announcement brought to an end...
HONG KONG, Nov 4 — Markets rose today to track another record on Wall Street after the Federal Reserve said it would this month start tapering its pandemic support programme but would be patient in hiking interest rates as the economy continues to recover.
It also makes the Fed the latest monetary authority to begin winding back the measures put in place at the start of the pandemic which have been crucial to the global rebound and an 18-month equity rally to multi-year or record highs. However, while bank boss Jerome Powell was pleased with the economic recovery, he said he wanted to see the labour market heal more before hiking interest rates from record lows, telling reporters: “We think we can be patient.”
The announcement helped Wall Street’s main indexes reverse early losses to surge to new record highs for a fourth straight day. “With the tapering debate out of the way, the focus shifts to the rates outlook,” said JP Morgan Asset Management global market strategist Kerry Craig. “Remember that tapering is not tightening, and this is the first step away from emergency policy settings.”
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