Asian stocks jump as US sticks to rate cut plan

SINGAPORE - Asian shares bounced while gold prices and Japan's Nikkei jumped to record highs on Thursday after the U.S. Federal Reserve indicated it would stick with plans for cutting interest rates.

"The projections suggest that they expect to ease monetary policy even if core inflation is running higher," said Standard Chartered strategist Steve Englander. Fed Chair Jerome Powell told reporters sticky inflation reports show price pressures but "haven't really changed the overall story, which is that of inflation moving down gradually".

"Over a more medium-term horizon, rates are going to be cut. This is always going to have a positive impact on gold prices and that factor continues," said Shafali Sachdev, head of investment services in Asia at BNP Paribas Wealth Management.

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