Asian stocks build on Wall Street records after US inflation data

Asian traders extended a rally across world markets today as they welcomed figures showing US inflation slowed further last month, tempering concerns about the Federal Reserve’s forecast of just one interest rate cut this year. — Reuters picHONG KONG, June 13 — Asian traders extended a rally across world markets today as they welcomed figures showing US inflation slowed further last month, tempering concerns about the Federal Reserve’s forecast of just one interest rate cut this year.

However, the Fed later in the day released its keenly awaited “dot plot” outlook for interest rates, which showed that decision-makers saw just one cut this year — down from three predicted in its previous guidance in March.Bank boss Jerome Powell welcomed the inflation data but added that officials needed to see more “good inflation readings” before they would be confident enough to consider reducing.

And Lon Erickson, at Thornburg Investment Management, added: “Powell specifically commented that the labour market can weaken very quickly and the Fed is not waiting for that.

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