Asia stocks set to rally as Fed goes limitless
SYDNEY - Asian stocks rebounded sharply on Tuesday as the U.S. Federal Reserve’s promise of bottomless dollar funding eased painful strains in financial markets, even if it could not soften the immediate economic hit of the coronavirus.
MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 4.2%, to more than halve Monday’s drop. Shanghai blue chips gained 2.7%.In its latest drastic step, the Fed offered to buy unlimited amounts of assets to steady markets and expanded its mandate to corporate and muni bonds. The Fed’s package helped calm nerves in bond markets where yields on two-year Treasuries hit their lowest since 2013, while 10-year yields dropped back to 0.79%.
Goldman Sachs warned the U.S. economic growth could contract by 24% in the second quarter, two-and-a-half times as large as the previous postwar record. The logjam combined with the stimulus splash from the Fed to take a little of the shine off the U.S. dollar, though it remains in demand as a global store of liquidity.
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