Asian Stocks to Fall, Yen Steadies After Surge: Markets Wrap

-- Asian equities were primed for a downbeat open on Thursday following declines in US stocks after Federal Reserve chair Jerome Powell downplayed the prospect of further interest rate hikes.Treasuries Rally With Fed Not as Hawkish as Feared: Markets Wrap

“Jay Powell threaded the needle perfectly today,” said Ronald Temple at Lazard Asset Management. “He did not take the bait to talk about hiking rates. I believe the FOMC’s cautious approach will be a winner over time as inflation subsides as we progress through the year.” “The basic message was that cuts have been delayed — not derailed,” said Krishna Guha at Evercore. “Relative to expectations, this is a very measured hawkish reset.”

The central bank has been winding down its holdings since June 2022 — a process known as quantitative tightening. It gradually increased the combined amount of Treasury and mortgage bonds it allowed to run off without being reinvested to a total of $95 billion per month.

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