Shares have advanced in Asia after a rally on Wall Street spurred by the chair of the Federal Reserve's comments on easing the pace of interest rate hikes to tame inflation
A woman uses her phone in front of monitors showing Japan's Nikkei 225 index at a securities firm while waiting for a traffic light in Tokyo, Thursday, Dec. 1, 2022. Shares have advanced in Asia after a rally on Wall Street spurred by the Federal Reserve chair's comments on easing the pace of interest rate hikes to tame inflation.
“We have a risk management balance to strike,” Powell said. “And we think that slowing down at this point is a good way to balance the risks.” Powell’s comments sent Treasury yields sharply lower. The yield on the 10-year Treasury dropped to 3.65% from 3.75% late Tuesday. The yield on the two-year note, which tends to track market expectations of future Fed action, fell to 4.34%. It was trading at 4.48% late Tuesday and had been as high as 4.53% shortly before Powell’s speech.
Major indexes have been unsteady all year as the economy and financial markets dealt with stubbornly hot inflation and the Fed's attempt to cool high prices with aggressive interest rate increases.It has raised its benchmark interest rate six times since March, driving it to a range of 3.75% to 4%, the highest in 15 years. The goal is to make borrowing more costly and generally slow the economy in order to tame inflation.
Consumers have continued spending, despite inflation squeezing wallets. Overall, employment remains strong, though job openings dropped in October more than economists had anticipated and human resources company ADP reported an easing in private sector hiring in November.
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