Stocks touch 20-month high, bond yields fall after Fed cuts

LONDON - World stocks edged to their highest in 20 months on Thursday after the Federal Reserve cut rates even as it signaled it would hold back from further reductions, sending bond yields and the dollar down.

Asian stocks outside Japan had earlier forged ahead on the cuts, following Wall Street’s advance to fresh record highs, climbing 0.3% to touch their highest since Jul. 30. “Markets are discounting some more easing, but not very aggressively at this stage,” said Klaus Baader, chief global economist at Societe Generale.

German government bond yields, seen as a benchmark, were set for their biggest fall this month. U.S Treasury yields dropped too, extending a fall from Wednesday, and were last down around 3 basis points on the day.

Everything seems fine. What is all this hue and cry about economic doomsday? If it's approaching, it is certainly wearing padded slippers. No sound.

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