Fed cuts, oil prices, interest rates

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On Thursday, October 14, 2021, employees wearing protective masks work in the trading room at the headquarters of the Daiwa Securities Group in Tokyo, Japan.

Toru Hanai | Bloomberg via Getty Images

SINGAPORE-As investors digest signs that the Fed’s ultra-loose monetary policy since the beginning of the pandemic is about to end, the Asia-Pacific market will trade cautiously.

In Australia, stock prices were relatively quiet in early trading. As energy and materials industries struggle to rise, the benchmark ASX 200 index fell 0.05%.

Futures also showed that Japan opened higher, and the Nikkei 225 index fell 0.1% in the previous trading day.

Thursday’s Asian session followed Wall Street’s overnight rise.

CNBC Pro’s stock selection and investment trends:

In the United States, the Federal Reserve said it will accelerate the reduction of monthly bond purchases-the central bank will purchase $60 billion in bonds each month starting in January, down from $90 billion in December, and said it may be in the next few months.

Once it is over, in late winter or early spring, the central bank is expected to start raising interest rates. Forecasts released overnight indicated that Fed officials expect to raise interest rates as many as three times in 2022, twice in the following year, and twice in 2024.

Tapas Strickland, Head of Economics and Markets at National Australia Bank, said earlier: “Given that the three interest rate hikes are close to the conference price and the expectations for accelerated reductions are high, the market seems to have moved forward. . Attention Thursday.

“People’s impression of this situation is that the Fed may act as early as March 2022, although the variant of Omicron is of course a key uncertainty, because the tapered profile also applies to the first interest rate hike in May 2022. View, and is 90% of the price,” he added.

Currency and oil

In the foreign exchange market, the U.S. dollar was latest at 96.511 against a basket of currencies.

The yen-dollar exchange rate fell to 114.15 from a level close to 113.70 earlier this week. The Australian dollar was quoted at US$0.7170 against the US dollar, remaining relatively flat.

Oil prices rose during Asian trading hours on Thursday, with US crude oil rising 1.06% to US$71.62 per barrel.

Jeff Cox of CNBC contributed to this report.


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