The dollar struggled to bounce back from its major peers after data showed a slowdown in US inflation. Photo: MARK WILSON / GETTY IMAGES NORTH AMERICA/Getty Images via AFPAsian equities rallied Thursday after US data showed inflation cooled last month, fuelling speculation that the Federal Reserve will cut interest rates twice this year.
The Fed is now tipped to reduce borrowing costs twice before the end of the year, an increase on the one previously predicted -- though a lot fewer than the six estimated in January. "It should help quieten, at least for now, any concern the Fed's confidence rates will prove sufficiently restrictive."Still, Minneapolis Fed boss Neel Kashkari was keen to move cautiously as he questioned how much of an impact monetary policy was having on inflation.
Investors, however, took the latest data as a reason to press on with a market rally, which on Wednesday saw the Dow, S&P 500 and Nasdaq end at all-time highs in New York.
Source: Financial Digest (financialdigest.net)
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