Major US indices make gains overnight on positive signals from Federal Reserve ahead of the release of US non-farm payrolls dataA statue of a bull is displayed outside the Shenzhen Stock Exchange in the southern Chinese city of Shenzhen. File Picture: REUTERS/BOBBY YIP
Waller suggested the Fed would likely attempt to tackle inflation with a 75-basis-point interest rate hike in July and a 50 basis points hike in September. Though he said, “if inflation just doesn’t seem to be coming down, we have to do more,” allowing for possible future 25 bps hikes. “How the market will react to deviations from this expectation is debatable,” said ING’s Robert Carnell and Iris Pang in a client note. “You could argue that a stronger figure will mean the Fed has more work to do, and so raises the prospects of a harder landing. But sometimes the market reaction is more simplistic than you might imagine.”
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