Stock market today: Asian shares surge on hopes the Federal Reserve’s rate hikes are done

A currency trader passes by the screens showing the Korea Composite Stock Price Index , left, and the foreign exchange rate between U.S. dollar and South Korean won, center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Nov. 2, 2023. Asian shares were mostly higher Thursday after the U.S. Federal Reserve indicated it may not need to pump the brakes any harder on Wall Street and the economy.

Stocks climbed as Treasury yields eased in the bond market after the Fed announced its decision to hold interest rates steady, as expected. The Fed has already yanked the overnight rate from nearly zero early last year to its highest level since 2001, above 5.25%. The jump in yields has already brought the average 30-year fixed mortgage rate to nearly 8%, for example, “and those higher costs are going to weigh on economic activity to the extent this tightening persists.”“It takes time, we know that, and you can’t rush it,” Powell said.

High yields knock down prices for stocks and other investments while making borrowing more expensive for nearly everyone. That slows the economy and puts pressure on the entire financial system.at the end of September than economists expected, a report said Wednesday. The Fed has been hoping for softening there, which could take pressure off inflation without requiring many layoffs.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Asian shares trade mixed as investors look ahead to economic dataAsian shares are trading mixed as investors look ahead to a week that could see more swings in financial markets, including key reports on U.S. consumer confidence and the job market.
Source: wjxt4 - 🏆 246. / 63 Read more »

Stock market today: Asian shares trade mixed as investors look ahead to economic dataAsian shares are trading mixed as investors look ahead to a week that could see more swings in financial markets, including key reports on U.S. consumer confidence and the job market.
Source: ksatnews - 🏆 442. / 53 Read more »

Stock market today: Asian shares track Wall Street gains ahead of Fed decision on interest ratesAsian shares are mostly higher after Wall Street advanced to claim back some of the ground it gave up in another losing month. Tokyo's benchmark jumped 2.4%. Investors are awaiting a decision by the Federal Reserve Wednesday on interest rates. On Tuesday, the S&P 500 rose 0.6%, though it fell 2.2% in the month of October.
Source: AP - 🏆 728. / 51 Read more »

Asian stocks trade mixed, Japan’s Nikkei leads gains ahead of Fed rate decisionAsian stock markets trade in a flat-to-low range on Wednesday as investors turn to a cautious mood ahead of the Federal Open Market Committee (FOMC) policy meeting on Wednesday.
Source: FXStreetNews - 🏆 14. / 72 Read more »