Stock market today: Asian markets wobble after Fed sticks with current interest rates

A person looks at an electronic stock board showing Japan's Nikkei 225 index at a securities firm Thursday, May 2, 2024, in Tokyo. The Japanese yen surged as much as 2% in early Asia hours Thursday, driven by speculations of another round of yen-buying intervention by Japanese authorities and a weaker U.S. dollar following the Fed meeting. Later, the yen reversed its course and erased the previous gains. The dollar was trading at 155.31 yen, up from 154.91 yen.

In South Korea, the Kospi was down 0.2% to 2,686.30, after official data showed the country’s consumer prices in April reached 2.9% year on year, a slower pace compared to the data in March. The Dow Jones Industrial Average rose 0.2% to 37,903.29, and the Nasdaq composite lost 0.3% to 15,605.48. At the same time, though, Powell calmed a fear swirling in the market that inflation has remained so high that additional hikes to rates may be necessary.The Fed also offered financial markets some assistance by saying it would slow the pace of how much it’s shrinking its holdings of Treasurys. Such a move could grease the trading wheels in the financial system, offering stability in the bond market.

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