US stocks, dollar pull back as Fed stays dovish | Malay Mail

All three major US stock indices retreated as Fed Chair Jerome Powell stressed the central bank will keep benchmark lending rate near zero, while continuing its massive bond buying programme until employment recovers..

Powell also took a dovish stance on inflation, saying he still expects price increases to be temporary and not the sort of longstanding problem that will require a change in policy. “The greenback sold off across the board and with 7 weeks until the next policy meeting, the Fed’s reluctance to reduce accommodation could keep the dollar from rallying in the year term,” she said.Deutsche Bank had an especially strong session, surging 10.7 per cent after reporting its best quarterly profits for seven years after it avoided being dragged into the collapse of US hedge fund Archegos that has inflicted deep pain on rivals.

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