Signals from Fed
The decision to leave interest rates unchanged and the subsequent remarks from Fed Chairman Jerome Powell have sparked a sea change in market sentiment.
The decision to leave interest rates unchanged and the subsequent remarks from Fed Chairman Jerome Powell have sparked a sea change in market sentiment.
The US Federal Reserve has announced another interest hike of three-fourths of a percentage point, the fourth such hike in its continuing efforts to cool the economy and curb inflation.
Powell "has taken too many actions to weaken the Fed's oversight of our largest banks and deregulate Wall Street," and renominating him for another term "is not a risk worth taking," Democratic Senator Elizabeth Warren, who also opposed Powell's nomination in 2018, said in an earlier hearing.
In overnight trade in Wall Street broader S&P-500 for the first time hit 3,000-mark on Mr Powell's statement. Asia markets turned positive in tandem.
The US dollar index decreased against other major currencies as Wall Street digested comments from US Federal Reserve Chairman Jerome Powell.
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