Last Updated:
December 31, 2023

Per Page :

fredrickeiffel

User Name: You need to be a registered (and logged in) user to view username.

Total Articles : 1

MORNING BID ASIA-What Powell giveth, Yellen taketh

By Jamie McGeever March 23 (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever. The Asian open on Thursday may hinge on which of the conflicting narratives thrown up by late U.S.trading on Wednesday investors choose to run with: the Fed’s ‘dovish hike’, or pinay leaks Treasury Secretary Janet Yellen’s remarks on the banking system. Implied U.S. rates and Treasury bond yields fell sharply after the Fed raised rates by a quarter point and Chair Jerome Powell said policymakers had considered a pause in light of the recent turmoil in the domestic banking system. But Wall Street ultimately took its cue from Yellen, who said the government “is not considering insuring all uninsured bank deposits”, something many analysts say would go a long way to preventing further crises. The three main U.S. indices, which had rallied during Powell’s press conference, reversed course and closed down 1.6%. Powell, of course, banged the anti-inflation drum and said the central bank’s base case is for no rate cuts this year. Stocks didn’t like that much, but it was Yellen’s comments that slammed financials and ultimately the broader indices – U.S. financial stocks fell 3.7% and regional banks slumped […] read more
0 Views : 7