Asian shares edged higher on Wednesday and the dollar fell to a three-week low a...
TOKYO - Asian shares edged higher on Wednesday and the dollar fell to a three-week low after Federal Reserve Chairman Jerome Powell reinforced the U.S. central bank’s recent shift toward a more “patient” approach on policy in the face of a slowing economy.
In two hours of testimony to the Senate Banking Committee, Powell elaborated on the “conflicting signals” the Fed has tried to decipher in recent weeks, including disappointing data on retail sales and other aspects of the economy that contrast with steady hiring, wage growth, and ongoing low unemployment.
The contrasting data points left Wall Street underpowered, with the benchmark S&P 500, the Dow Jones Industrial Average and the Nasdaq Composite closing down 0.1 percent each. The British pound vaulted after Prime Minister Theresa May offered lawmakers the chance to vote on delaying Brexit.
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