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Asian shares rise after Fed tames inflation fears, projects US GDP surge

Sumary of Asian shares rise after Fed tames inflation fears, projects US GDP surge:

  • While inflation is expected to reach 2.4 per cent this year, above the central bank 2 per cent target, Fed Chair Jerome Powell called it a temporary surge that will not change the Fed pledge to keep its benchmark overnight interest rate near zero…
  • The dollar recouped some losses against the yen but extended declines against commodity currencies, hurt by the lower-for-longer rates commitment by the Fed…
  • Long-term Treasury yields remained elevated in Asian trading as bond investors chose to focus more on rising inflation expectations…
  • The S&P 500 closed at a record high yesterday and the Dow Jones Industrial Average closed above 33,000 points for the first time, bolstered by the Fed strong economic forecast and Powell comments that it is too early to discuss tapering-off measures…
  • The dollar edged up against the yen and the Swiss franc as improving risk appetite hurt traditional safe-harbour currencies….

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