Islanders flock to Charlottetown Flea Market for affordable finds amid rising costs | SaltWireSINGAPORE - Asian stocks got off to a shaky start on Thursday after the Federal Reserve flagged delays to interest rate cuts, while the dollar fell heavily on the yen in what traders reckoned was Japanese intervention.
The move follows sharp yen gains on Monday which Japanese money market data suggested may have been intervention to the tune of some $35 billion in dollar selling. Earlier the Federal Reserve had left interest rates on hold and chair Jerome Powell told reporters that inflation was too high and progress in bringing it down was uncertain.
Ten-year Treasury yields fell 9.3 basis points to 4.591% in New York. Two-year Treasury yields fell 10.7 bps to 4.939%. Overnight chipmaker Qualcomm beat market expectations for sales and profit, sending its shares up 4% in after-hours trading. Focus later on Thursday will be on Apple results, where markets have braced for a big drop in sales and are waiting to hear of the company's plans for AI in iPhones.