Pranam
*US Markets in Detail...*
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Sensex:58,927 (-78) (-0.13%)
Nifty: 17,547 (-15) (-0.09%)
Dow: 34,258: +338: +1%
S&P: 4,396: +41: +0.95%
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WTI Oil: $72.23: +2.47%
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Gold: $1,779: +1: +0.01%
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Copper: $425: +13: +3.05%
Eur-$: 1.1693
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Jpy-$: 109.78
Re: 73.8662: +0.34%
US10yr: 1.30%
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$ Index: 93.4510: +0.26%
Vix: 20.87 (-14.33%)
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*Dow, S&P 500 score best day in 2 months as Fed’s Powell says tapering of bond purchases could be announced next month. The Treasury yield curve flattened after Federal Reserve officials signaled they would probably begin tapering their bond-buying program soon. The dollar strengthened versus its major peers, while oil gained. The Federal Reserve indicated it doesn’t see an imminent rollback of the monetary stimulus that has been supporting the economy throughout the pandemic.*
U.S. stock indexes closed out their best day in two months Wednesday, after the Federal Reserve Chairman Jerome Powell signaled the central bank may announce a pullback of its bond purchases in November and could start to raise interest rates in 2022, with both moves largely expected by market participants.
*The S&P 500 had jumped earlier, rising for the for the first time in five trading sessions, as concerns about China Evergrande Group’s debt woes eased. The benchmark index rose 1%, the biggest-one day increase since July. Shorter-maturity Treasury notes fell while longer-maturity debt edged higher, flattening the yield curve, after revisions to Fed’s dot-plot forecasts for fed funds target showed a 2022 median of 0.25%, up from 0.125% prior, while 2023 rate forecasts were also dragged higher.*
*If you take a step back, the Fed’s stance is still accommodative and it’s reasonable for the Fed to want to return to a state of normalcy if the economy is as robust as the data suggests. And given the recent volatility, it’s likely that investors are viewing the taper projection and potential 2022 rate hikes a vote of confidence that the recovery is on track.*
*If progress toward the Fed’s employment and inflation goals “continues broadly as expected, the committee judges that a moderation in the pace of asset purchases may soon be warranted,” the U.S. central bank’s policy-setting Federal Open Market Committee said Wednesday in a statement following a two-day meeting.*
*Fed Chair Jerome Powell said during a press conference that tapering could end around mid-2022 and that most on the committee favor a gradual pace. That could mean the Fed makes an announcement in November, potentially creating an eight-month taper process.*
*Earlier, basic resources and energy were among the leading gainers in the Stoxx Europe 600 index as commodity prices steadied after Beijing moved to contain fears of a spiraling debt crisis at Evergrande that could ravage demand from the property sector. China avoided a major selloff as trading resumed following a holiday, after the country’s central bank boosted its injection of short-term cash into the financial system.*
By: via @AlliesFin Serve Stock Market
