Powell causes a stir in global markets

TheStar Thu, Dec 02, 2021 10:00am - 2 years View Original


The Federal Reserve (Fed) chairman told Congress that policymakers will discuss whether to wrap up bond purchases a few months earlier and retired the word “transitory” from his commentary on inflation. (File pic shows traders watching Powell speak during one of the previous appearances)

WASHINGTON: Jerome Powell sent a stir through global markets, paving the way for quicker-than-expected hikes, not least in rate-sensitive Asia.

The Federal Reserve (Fed) chairman told Congress that policymakers will discuss whether to wrap up bond purchases a few months earlier and retired the word “transitory” from his commentary on inflation.

Higher US rates would have a significant impact on Asian assets if capital flows to America. A stronger greenback has implications for Asia’s export-heavy companies and economies and the dollar-denominated debt of the region’s sovereign and corporate borrowers.

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