Stocks higher after Fed meeting

Stocks higher after Fed meeting

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Stocks opened in the green this morning following Wall Street which rallied after the conclusion of the latest US Fed meeting yesterday. Speaking after the meeting Chairman Jerome Powell said that if the economy continued to improve a scaling back of the current asset purchasing program “is likely to be appropriate”, with the process beginning in November and completing by mid 2022. He said tapering “could come as soon as the next meeting.” The Fed’s statement said “a moderation in the pace of asset purchases may soon be warranted”. The word “may” indicating that a final decision has not yet been reached.

The Bank of England will be announcing its latest policy decision today.

Fears surrounding Chinese property developer Evergrande abated on Wednesday although it is still uncertain whether the firm will avoid default on an interest payment due today on its dollar bond.

 

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