Wall Street indexes had rallied, as had bonds to a lesser extent, while the dollar gave up gains overnight when the Fed’s preferred wages gauge, the U.S. employment cost index, showed a 1% rise last quarter, its smallest increase in a year.
Reuters
February 01, 2023 / 07:53 AM IST
Asian Markets
Asia’s stockmarkets steadied on Wednesday, with signs of a slowdown in U.S. wages bolstering hopes that the Federal Reserve could hint at an end to interest rate hikes at its meeting later in the day.
Wall Street indexes had rallied, as had bonds to a lesser extent, while the dollar gave up gains overnight when the Fed’s preferred wages gauge, the U.S. employment cost index, showed a 1% rise last quarter, its smallest increase in a year.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.6% in early trade, following a 1.2% drop on Tuesday, while Japan’s Nikkei rose 0.7%.
The Fed will announce its rate decision at 1900 GMT, followed by a news conference with Chair Jerome Powell half an hour later.
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