Stocks rise after Fed, BSP kept rates steady

The Philippine Stock Exchange index rose 53.67 points, or 0.89 percent, to close at 6.094.71, while the broader all-shares index went up by 22.41 points, or 0.69 percent, to settle at 3,294.07.

Century Pacific Food Inc. and Bloomberry Resorts Corp. were among the most active stocks as they will soon be part of the main index. With the world’s number-one economy still in rude health and the labor market showing few signs of softening, central bank officials appeared confident they had enough room for further policy tightening without causing a recession, analysts said.

“We are prepared to raise rates further, if appropriate, and we intend to hold policy at a restrictive level until we’re confident that inflation is moving sustainably toward our objective,” Fed chief Jerome Powell told reporters after the decision. London dropped ahead of the Bank of England’s own policy decision later in the day, which comes after data showed a surprise dip in UK inflation in August. The reading added to optimism the BoE could stand pat on rates, or make any hike its last of this cycle.

That has returned focus on the Bank of Japan ahead of its own meeting on Friday, with officials recently saying that they were keeping a close watch on forex markets, fueling speculation they would intervene to protect the yen if it continued to weaken.

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