ASX set to start higher; Wall Street rises; Fed minutes confirm inflation focus; $A rallies to US68.40¢.
Federal Reserve officials last month affirmed their resolve to bring down inflation and, in an unusually blunt warning to investors, cautioned against underestimating their will to keep interest rates high for some time.
US stocks pared gains following the report, while the Fed policy-sensitive two-year Treasury yield rose and the dollar remained lower. Pricing in financial futures continues to show investors betting the Fed will begin lowering rates before the end of 2023. The record also highlighted the Fed’s rate projections being “notably above” market expectations for the path of policy, which several officials argued should underscore the FOMC’s determination to lower inflation to its 2 per cent goal.
A report earlier Wednesday showed that job openings — a key metric for Powell — were little changed at an elevated level in November. US payrolls are projected to have risen by a still-solid 200,000 in December, according to economists polled Bloomberg ahead of the release of the monthly employment report on Friday.
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