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Stocks rise after Fed tames inflation fears, projects U.S. GDP surge

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Asian shares and U.S. stock futures rose on Thursday after the Federal Reserve committed to maintaining accommodative monetary policy and projected a rapid jump in U.S. economic growth this year as the COVID-19 crisis eases.

FILE PHOTO: A man walks past a stock quotation board at a brokerage in Tokyo, Japan February 26, 2021. REUTERS/Kim Kyung-Hoon

Long-term Treasury yields remained elevated in Asian trading as bond investors chose to focus more on rising inflation expectations. The S&P 500 closed at a record high on Wednesday and the Dow Jones Industrial Average closed above 33,000 points for the first time, bolstered by the Fed’s strong economic forecast and Powell’s comments that it is too early to discuss tapering-off measures.The Fed projected the U.S. economy will grow by 6.5% this year - the largest annual output growth since 1984 - thanks in part to massive federal fiscal stimulus and optimism around the success of coronavirus vaccines.

Benchmark 10-year U.S. Treasury yields edged up to 1.6550%, not far from the highest since January last year.

 

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