London — World stocks hovered near record highs on Monday and were set to end August with five consecutive months of gains, as investors bet on central banks keeping up the policy punchbowl for years to come.
London was closed for a public holiday, while US stock futures pointed to a positive open for Wall Street. US Federal Reserve chair Jerome Powell boosted stock markets last week by committing to keep inflation at 2% on average, allowing prices to run hotter to balance periods when they undershot. “We know now the Fed is behind inflation and will be less strict than before, so it would be logical to see higher yields,” said Eric Vanraes, fixed income portfolio manager at Eric Sturdza Investments in Geneva.
A host of Federal Reserve officials are set to speak this week, kicking off with vice-chair Richard Clarida later on Monday. The dollar index rose 0.26% to 92.426, nudging off recent two-year lows. It was 0.5% firmer at ¥105.87, while the euro was slightly softer at $1.1885, having climbed 0.9% last week.
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