Asian Stocks Eye Fed Bounce After Powell Speech: Markets Wrap

-- Most Asian stocks look poised to gain early Monday, after Wall Street was cheered by signals from Federal Reserve Chair Jerome Powell that US interest rates will be cut from next month.With Housing Costs High, Democrats Hone YIMBY Message

While markets had already priced in the start of policy easing in September, investors welcomed Powell’s comments. All major groups in the S&P 500 gained, with the gauge up over 1%. An MSCI index of global shares hit an all-time high. The Bloomberg “Magnificent Seven” gauge of megacaps rose 1.7%. The Russell 2000 of small firms jumped 3.2%.

Swap traders on Friday were pricing in 102 basis points of easing this year, which implies a reduction at every remaining policy meeting through December, including one jumbo 50-basis-point cut. A rally in Treasuries was led by shorter maturities, with the two-year yield breaking below 4%. The dollar lost 1%.

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