The Philippine stock market posted its seventh straight day of decline, after the US Federal Reserve delivered a hawkish rate cut and signaled fewer-than-expected adjustments for 2025.
All three main indexes in New York were sent spinning Wednesday — led by a rout in high-flying tech titans — after the Fed delivered what was described as a “hawkish cut” in rates. Investors had already been speculating about how the Fed would position itself as Trump prepares to take office amid warnings that his plans to cut taxes, slash regulations and impose tariffs on China could reignite inflation.
While the Fed lifted its economic growth outlook, the prospect of rates staying higher than anticipated for longer dealt a hefty blow to markets, with the S&P 500 losing three percent and the tech-heavy Nasdaq more still. “Stronger expected growth married with higher anticipated inflation — it’s no wonder the Fed reduced the number of expected rate cuts in 2025.
The yen weakened to as much as 156.77 per dollar — from around 153.57 earlier in the day — after the Bank of Japan’s decision not to hike rates for a third time this year. The announcement did help the Nikkei 225 stock index pare earlier losses, though.
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