Stock market today: Asian shares are mixed as Japan’s Nikkei 225 hits a new high, with eyes on Fed Chair Jerome Powell before Congress.
“Weak consumer confidence continues to drive consumption in the direction of seeking better value-for-money purchases, and competition in the EV sector continues to drive prices down, suppressing overall inflation,” Lynn Song of ING Economics said in a commentary.In Seoul, the Kospi was nearly unchanged at 2,867.99. Taiwan’s Taiex gained 0.5% while India’s Sensex lost 0.7%.
In testimony Tuesday before the Senate Banking Committee, Powell reiterated that inflation has eased notably in the past two years, though it remains above the central bank’s 2% target. He also noted that there’s a risk in the Fed moving to cut interest rates too late or too little, warning either scenario could end up weaking the economy and job market.
The Fed has remained cautious about making a move on interest rates, holding its benchmark interest rate at its highest level in more than two decades as it waits cautiously for more signals that inflation is still cooling.
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