The Fed’s message was that monthly bond purchases may be reduced at year-end, but it will be gradual and must not be seen as indicative of any imminent hiking of interest rates. Large tech companies’ stocks surged on the development, presenting another blow to short-sellers, who hoped that a tighter monetary policy would pull back equity shares, mostly Big Tech, from their present highs.
Apple reached new heights, increasing its market cap to $2.6tr, while Microsoft, Amazon and Tesla all gained ground on the pronouncements from Fed chair Jerome Powell.Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
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