Asian shares rose on investor hopes for China’s emergence from the COVID-19 pandemic, while the dollar stayed under pressure even as the U.S. Federal Reserve had a warning against market bets on interest rate cuts this year. | Reuters
“There will be hiccups on the way,” Goh said, during an outlook presentation to reporters. “We give it six months adjusting to the process. But we don’t think it’s reversible.”
Oil sounded the loudest note of caution, falling sharply overnight on worries that the near-term outlook is precarious in China and that a global slowdown will hurt demand.ADVERTISEMENTAsia’s optimism comes while minutes from the Federal Reserve’s December meeting, published on Wednesday, contained a caution against late-year rate cuts traders have priced in.
“That is, insofar that premature rate cut bets drive looser financial conditions, the Fed may have to tighten even more to compensate.” Treasuries hung on to recent gains, with 10-year yields down a dozen basis points this week to 3.707 percent. Yields fall when prices rise.
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