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GLOBAL MARKETS-Bond Yields Ease, Stocks Rally Following Fed Governor Waller Comments
Markets trimmed rate-hike bets after Christopher Waller said he would back steady borrowing costs if inflation keeps easing, lifting all three major U.S. indexes.
- On Thursday, Federal Reserve Governor Christopher Waller indicated he would support holding the federal funds target rate steady if upcoming inflation data shows price pressures are abating.
- Following Waller's remarks, financial markets lowered rate hike expectations for September to 50.4 per cent from 63.2 per cent, according to CME's FedWatch tool, reversing earlier spiking bets.
- The Nasdaq Composite gained 1.29% and the S&P 500 added 0.98% as megacap stocks rallied; Waller noted inflation remains "meaningfully above" the Fed's 2% target but trends suggest disinflation.
- Markets now await Friday's August employment report, expected to show 55,000 new jobs, as the Federal Reserve prepares for its September 15-16 meeting to decide on rate policy.
- Other Federal Reserve members struck a more hawkish tone, with Fed Chair Kevin Warsh and Michael Barr prepared to support rate hikes if inflation fails to cool, contrasting Waller's stance.
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Treasure yields and global dollar fell, while New York Stock Exchanges closed with strong valuation
·Rio de Janeiro, Brazil
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US stock markets rose yesterday in response to comments from a Fed member that gave the market hope that interest rates could remain unchanged in September.
·Vilnius, Lithuania
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Asian stocks surge as Waller’s dovish rate comments lift investor risk
Asian stock markets traded higher on Friday, following overnight gains on Wall Street after Federal Reserve Governor Christopher Waller signaled a preference to hold interest rates steady if inflation continues to moderate.
·Ra'anana, Israel
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Coverage Details
Total News Sources24
Leaning Left1Leaning Right3Center4Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
13%
C 50%
R 37%
Factuality
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