Asian stocks boosted by Fed’s dovish rate-hike stance

Singapore — Asian equities jumped on Thursday, while the dollar slid as investors poured into risky assets after Federal Reserve chair Jerome Powell opened the door to a slowdown in the pace of monetary tightening.

MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 2% in early Asian trade. The index posted its biggest monthly gain in nearly 30 years in November as hopes for a Fed pivot towards slower rate hikes gathered steam after four consecutive 75-basis-point increases. But the index was still down about 17.5% on the year.

"It looks as if Fed chair Powell didn’t get the memo to push back against pivot hopes and keep financial conditions tight before he went to give his speech," he said.Markets are currently pricing in a 91% probability that the Fed will increase rates by 50 bps on December 14, and see a 9% chance of another 75 bps hike.

US treasury yields fell after Powell’s comments and remained lower Thursday. The yield on 10-year treasury notes was down 8.3 bps at 3.618%, while the yield on the 30-year treasury bonds was 6.8 bps lower at 3.755%.

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