HONG KONG, June 23 — Asian markets rose today to extend a global rally, as fresh pledges on monetary policy by the Federal Reserve reassured investors who had been rattled last week by the bank’s forecasts of an earlier-than-flagged hike in interest rates.
But observers said that repeated Fed promises to maintain the measures until unemployment is tamed and inflation is running consistently hot appear to be sinking in.“A pretty substantial part, or perhaps all of the overshoot in inflation comes from categories that are directly affected by the re-opening of the economy such as used cars and trucks,” he told lawmakers.
Meanwhile, others say the recent selling could provide an opportunity for markets to take another leg up to fresh highs, with Natixis analyst Jack Janasiewicz calling it “bewildering”, adding: “This caused a nice quick flush out of some weak hands riding the reflation trade and likely reset positioning to a better place.”
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