SYDNEY : Share markets firmed on Thursday after the U.S. Federal Reserve engineered an orderly start to unwinding its massive stimulus programme, though doubts about the inflation outlook did push up longer-dated bond yields.
Anxious eyes now turn to the Bank of England which may kick off a rate hike cycle later in the day with uncertain implications for debt markets globally. MSCI's broadest index of Asia-Pacific shares outside Japan crept up 0.5per cent. The index has been burdened by a spike in new coronavirus cases in China, which threatens to curb consumer spending in an already slowing economy.As expected, the Fed announced it would trim its bond buying by US$15 billion a week from this month, while leaving open the option to quicken or slow the pace as needed.
"While not an ultra-dovish meeting, the result was still a far cry from some of the more stunning hawkish surprises seen recently from the likes of the Bank of Canada," added Nevruzi.
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