Stocks, bonds decline as Fed knocks risk sentiment: Markets wrap

Stocks in Asia fell and the dollar strengthened Thursday after the Federal Reserve signaled interest rates will be higher for longer.

“If property sales in China can stabilize and improve a little bit from where we are, and people see that trend continue, that makes investors feel a lot better,” Wang said. The Fed held its target range at 5.25% to 5.5%, while updated quarterly projections showed 12 of 19 officials favored another rate hike in 2023. Policymakers also see less easing next year, with the median forecast for the federal funds rate at 5.1% by year-end, up from 4.6% when projections were last updated in June.

“The new projections suggest that the Fed has a fairly strong degree of confidence in its outlook for a soft landing and, in turn, that there will be very minimal space for policy easing next year,” said Seema Shah, chief global strategist at Principal Asset Management.

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