Shares rise as US Fed weighs inflation risks, yields steady

But at the same time, Powell noted thatcalled for “agile” monetary policy making, and that the Fed will proceed “carefully” when deciding its next policy move.

The remarks led US stocks to gyrate between modest gains and losses before jumping higher towards the end of the session. The Dow Jones gained 0.73%, the S&P 500 rose 0.67%, and the Nasdaq Composite gained 0.94%.US bond investors nonetheless dialed back their bets of a rate hike in November and December following Powell’s remarks, though Treasury yields traded near breakeven by late morning.

ECB policymakers are increasingly concerned about deteriorating growth prospects and momentum for a pause in its rate hikes is building, Reuters reported, citing sources with direct knowledge of the discussion. Philadelphia Fed President Patrick Harker told CNBC he doubted the central bank would need to raise rates again, but also indicated he was not ready to predict when rate cuts might begin. Boston Fed President Susan Collins said on Yahoo Finance’s video channel that rates may be near or at a peak, “but certainly additional increments are possible.”

“USD gains have moderated through European trade and the USD has lost minor ground against some high beta currencies as equity markets have strengthened over the session,” said Shaun Osborne, chief FX strategist at Scotiabank.

Source: News Formal (newsformal.com)

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