Asian shares rose Thursday, boosted by the announcement from the U.S. Federal Reserve on winding down the extraordinary aid for the economy it been providing...
TOKYO — Asian shares rose Thursday, boosted by the announcement from the U.S. Federal Reserve on winding down the extraordinary aid for the economy it been providing since the early days of the pandemic.
Analysts said the signs from the Fed continued to be dovish, as well as hawkish, reassuring global markets that interest rates weren’t going to be raised for some time.But long-term worries about Asian economies remain because of concerns there may be a sixth wave of coronavirus infections, despite growing signs of a return to normal economic activity and a freer flow of people traveling in some nations.
In a statement released at 2 p.m. Eastern, the Fed said it will begin reducing its $120 billion in monthly bond purchases in the coming weeks by $15 billion a month. If that pace is maintained, the Fed could be done winding down its bond purchases as early as June. At that point, the Fed could decide to begin raising its key short-term interest rate, which affects many consumer and business loans.
The Fed’s announcement was in line with what economists and markets expected as the central bank moves to combat inflation that now looks likely to persist longer than it did just a few months ago.
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