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Stocks cheer dovish Fed, yen supported before BOJ decision

Sumary of Stocks cheer dovish Fed, yen supported before BOJ decision:

  • While inflation is expected to reach 2.4% this year, above the central bank 2% 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…
  • Long-term Treasury yields remained elevated and the yield curve steepened as bond investors chose to focus more on rising inflation expectations…
  • The yen erased losses and government bond yields briefly rose after a media report that the Bank of Japan will agree to allow yields to trade in a wider band when it ends a two-day policy meeting on Friday…
  • The S&P 500 closed at a record high on Wednesday 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…
  • β€œIt sort of shocking … that officially the United States government believes it will grow faster than the Chinese government believes it will grow this year,”….

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