This week's busy global central bank agenda was manna for stock market bulls who especially welcomed the Federal Reserve decision to stand dovishly pat, for ...
FILE PHOTO: Passersby walk past an electric screen displaying a graph showing Japan's Nikkei share average movements outside a brokerage in TokyoThis week's busy global central bank agenda was manna for stock market bulls who especially welcomed the Federal Reserve decision to stand dovishly pat, for now, and a surprise Swiss National Bank rate cut deemed a foreshadowing of where its peers were heading easing-wise this year.
Market pricing currently reflects expectations that the Fed and the European Central Bank will start cutting rates at their June meetings. But rates are still near zero. BOJ Governor Kazuo Ueda on Thursday vowed to keep supporting the economy with ultra-loose monetary policy but signaled confidence inflation was gaining momentum, a desirable trend in Japan because of its struggles with deflation and economic stagnation.Perhaps counter-intuitively, the yen has been on the ropes since the BOJ backed off its easy policy. With no sudden rate jump appearing in the offing and volatility low, the yen carry trade still looks comfortable.
China shares, reflecting worries over the country's property crisis, did not join the party Thursday. But Honk Kong shares rose smartly.Expectations of interest rate cuts from the Federal Reserve have provided a boost to the housing market. The central bank's projection of three potential rate cuts has led to a softening of mortgage rates in response to the news. Yahoo Finance's Dani Romero breaks down the details.
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