Stocks rise, dollar slips as Fed signals softer rate hike pace

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Asian markets rallied Thursday and the dollar weakened further after minutes from the Federal Reserve’s latest policy meeting suggested it could slow the pace of its rate hikes.

The news provided traders with a cushion against concerns about surging Covid-19 cases in China that have fanned speculation authorities will revert to lockdowns and other economically debilitating measures to fight the outbreak.

Wednesday’s much-anticipated minutes showed most US central bank chiefs felt smaller increases would “likely soon be appropriate” as the economy shows signs of weakness following almost a year of monetary tightening.—AFP

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