Asian stocks rally, dollar tanks after Fed signals slowdown in rate hikes

Global markets reacted positively to comments by Federal Reserve chief Jerome Powell who said it"makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down"Asian stocks have extended a global rally and the dollar sank after Federal Reserve boss Jerome Powell flagged a rate hike slowdown.

The greenback's losses come after it soared across the board this year as Fed monetary policy diverged more and more from other central banks. And in a much-anticipated speech on Wednesday, Powell said the full effects of the Fed's belt-tightening had yet to be felt but that it "makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down".Monetary policy to remain tight

However, Powell did say policy would need to remain tight "for some time" to restore price stability, echoing comments from other Fed officials who suggested there might not be any cuts until 2024.

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