NEW YORK, March 22 — Global share benchmarks rallied farther into uncharted territory yesterday and yields on government debt mainly fell after the Swiss National Bank became...
Wall Street closed with all three major indexes extending their streak of record highs, on the heels of similar milestones earlier in Japan and Europe and in gold. ― Reuters picNEW YORK, March 22 — Global share benchmarks rallied farther into uncharted territory yesterday and yields on government debt mainly fell after the Swiss National Bank became the first major central bank to ease policy in this cycle, a day after the Federal Reserve maintained its outlook for 2024 rate cuts.
Its announcement was interpreted dovishly by investors who had lately been wondering if the Fed would scale back its projections for cuts this year due to stubbornly high inflation. The decision helped Britain’s resource-heavy FTSE 100 index to rise further, last up 1.9 per cent, and weakened the pound by 1.04 per cent to US$1.2654.
Europe’s STOXX 600 index extended its record run to another high and was up 0.9 per cent. Swiss bond yields fell. After the Fed left US rates on hold between 5.25 per cent and 5.5 per cent, as expected, Powell said that recent high inflation readings had not changed the underlying story of slowly easing price pressures, and he affirmed that solid economic growth will continue.
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