FIRST WEEK OF FALL: Hot and humid to start, but cooler mornings and low humidity follow later this week
FILE - People walk in front of Tokyo Stock Exchange building in Tokyo, on May 28, 2024. – Asian stocks were mostly higher on Monday, supported by key rate decisions last week from the U.S. Federal Reserve, Japan, China and Britain.Chinese stocks got a lift after the central bank lowered its 14-day reverse repurchase rate to 1.85% from 1.95% on Monday after opting to keep key lending rates unchanged last week. Markets had been anticipating a cut.
That weakened the Japanese yen, which tumbled back from last week’s peak of around 140 to the U.S. dollar. The dollar was trading at 144.36 yen on Monday. Critics also say the U.S. stock market may be running too hot on the belief the Federal Reserve will pull off what seemed nearly impossible earlier: getting inflation down to 2% without creating a recession.
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