Tentative trial dates set for four teens charged with murder | SaltWire #newsupdate #halifax #courtSINGAPORE - Asian stocks rose on Wednesday while the dollar drifted lower as traders weighed mixed U.S. producer price data and braced for the crucial consumer price report later in the day that is likely to influence the Federal Reserve's near-term policy path.
Investors have had to dial back their expectations of U.S. rate cuts this year due to sticky inflation and are now pricing in 43 basis points of easing this year, compared with 150 bps of easing anticipated at the start of 2024. Powell reiterated his message of caution over rate cut expectations although the Fed chief, along with Federal Reserve Bank of Cleveland President Loretta Mester, poured cold water over any rate hike thoughts, ING economists said.The Nasdaq scored a record closing-high on Tuesday and the S&P 500 and the Dow also rose, boosted by Powell's comments that reassured investors that the central bank's next interest rate move was unlikely to be a hike.
U.S. President Joe Biden unveiled a bundle of steep tariff increases on an array of Chinese imports including electric vehicles, computer chips and medical products.