Asian stocks mixed after Wall Street rallies as 'time has come' for rate cuts

HONG KONG — Asian stocks were mixed Monday after U.S. stocks rallied close to their records on the expectation the Federal Reserve will start“The time has come for policy to adjust,” Powell said. “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.”

Japan’s benchmark Nikkei 225 slipped 1.1% in morning trading to 37,944.68 due to the stronger currency. Powell’s speech marked a sharp turnaround for the Fed after it began hiking rates two years ago as inflation spiraled to its worst levels in generations. The Fed’s goal was to make it so expensive for U.S. households and companies toWhile careful to say the task is not complete, Powell used the past tense to describe many of the conditions that sent inflation soaring after the pandemic, including a job market that “is no longer overheated.

The smaller stocks in the Russell 2000 jumped 3.2% to lead the market. Smaller companies can feel greater benefit from lower interest rates because of their need to borrow to grow.In the bond market, the yield on the 10-year Treasury fell to 3.79% from 3.86% late Thursday. The two-year Treasury yield, which moves more closely with expectations for action by the Fed, dropped to 3.91% from 4.01% late Thursday.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asian stocks are mixed after Wall Street's best week of the yearAsian stocks were mixed Monday as investors ponder the upcoming meeting of the Federal Reserve, following Wall Street's best week since November with a...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market today: Asian stocks track Wall Street gains ahead of central bank meetingsAsian stocks started the week with gains ahead of central bank policy meetings in the United States and Japan, after a broad rally on Wall Street that capped...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Asian Stocks to Get Boost From Bullish Wall Street: Markets Wrap(Bloomberg) -- Asian stocks are set to gain Tuesday, led by Japan’s benchmark, following a buoyant session on Wall Street where the S&P 500 advanced for an...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Japan stocks lift Asian market higher after US retail data boosts Wall StreetJapanese stocks led the gains in Asian markets Friday after Wall Street rallied to one of its best days of the year as data showed the U.S. economy is...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »