Fed's Kaplan, citing low inflation, urges patience on rate hikes

14 Juillet, 2017, 07:30 | Author: Come Portier
  • By Saikat Chatterjee

The data pushed Asian shares up more than 1 percent and lifted MSCI's 47-country gauge of global equity markets to a fresh record high with a gain of 0.25%.

"Many individuals with less education are finding it hard to be placed in jobs that are middle income jobs", Yellen said, a problem that "intensified during the recession".

Fed rate-hike odds are falling.

Yesterday, she said interest rates don't have to rise all that much further.

Equities were also underpinned by a drop in bond yields as Yellen sounded cautious on inflation.

Traditionalists at the Fed, including Yellen, believe that if policy makers do not tighten pre-emptively in this environment, unemployment will undershoot its natural rate, pushing inflation above target. She indicated no decision has been made on the board's fate as the Fed continued to look into the matter.

Benchmark 10-year US Treasury notes fell 9/32 in price to yield 2.3569%.

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USA stock futures traded higher in early pre-market trade. The Canadian dollar was last trading at C$1.2720 to the greenback, up 0.22 percent. The Aussie and Kiwi dollars jetted higher too.

According to a senior macro strategist at the Canadian Imperial Bank of Commerce in Toronto, Bipan Rai, "Yellen veered slightly in the dovish direction, which makes sense given the soft inflation readings of late", and "That implies the Dollars should continue to trade defensively while US 10-year yields will likely find it hard to break above 2.40 percent near term".

Against a basket of currencies, the dollar was within a whisker of nine-month lows at 95.75 although it was clawing back some of its lost ground ahead of US trading. The S&P 500 is set to open up by 0.15% at 2,447.

Inflation continued to stutter as USA producer prices rose 0.1% in June, missing expectations of a 0.2% rise.

Brent crude futures were off 20 cents at $47.52 a barrel, while US crude eased 17 cents to $45.31. Shares of Daimler slid by 2.5% amid early trade in Frankfurt, Germany, after the German newspaper Sueddeutsche Zeitung reported that authorities were investigating the possibility the automaker used illegal software to manipulate emissions tests in Mercedes-Benz vehicles from 2008 to 2016, Reuters says.

Korean markets regained strength, after the Bank of Korea announced it was keeping base rates steady at 1.25%.

In Asia, Hong Kong's Hang Seng index jumped 1.2 percent after a report showed that Chinese trade growth accelerated for a second month in June. "Yellen just blinked, now less confident that inflation is on track towards the Fed's two percent target, with obvious implications for what that might mean for Fed policy", Ray Attrill, head of FX strategy at National Australia Bank, said in a commentary.

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