Asia stocks rose to a four-month high on Thursday, tracking Wall Street, after the Federal Reserve pledged to be patient with further interest rate hikes, signaling a potential end to its tightening cycle amid signs of slowing global growth.
On Wall Street, the Dow and the Nasdaq rallied 1.7 percent and 2.2 percent, respectively, on hopes the Fed’s pause would give the U.S. economy and corporate profits more room to run.
The Fed’s statements firmly confirmed its dovish stance, which had already been on display at the start of the year. Market concerns toward the Fed’s rate hikes have now been put to rest,
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The benchmark 10-year U.S. Treasury yield stood at 2.681 percent after sliding to 2.676 percent overnight, its lowest since Jan. 14.
Source : Reuters