New York — US stocks jumped, the dollar tanked and Treasury yields tumbled on Thursday as cooler-than-expected inflation data suggested the Federal Reserve's barrage of interest rate hikes are beginning to have their intended effect.
“I’m surprised at the gain relative to the slight drop in inflation,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. “There must have been a lot of money sitting on the sidelines.” “It’s a powerful sign that maybe what the Fed and central banks around the world are doing is going to work.”
Emerging market stocks lost 0.49%. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.21% higher, while Japan's Nikkei lost 0.98%. The dollar tumbled against a basket of world currencies as the prospect of post-peak inflation lured investors away from the safety of the greenback.
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