Asian Markets Rally on Expectations of Fed Rate Cuts Despite Muted Inflation Data
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Asian markets rose following Wall Street gains, as US inflation data did little to dampen expectations of Fed interest rate cuts this year.
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Attention turns to next week's Fed policy meeting and outlook for rate changes through 2024. Traders expect 3 rate cuts by year-end.
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All 3 major US indexes jumped to near record highs. Most Asian indexes also rose, apart from Tokyo and Shanghai.
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Bitcoin hit another record high near $73,000, helped by rate cut hopes and regulatory approval of crypto-linked securities.
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Traders think the Fed is comfortable with inflation over 2% target for now, ahead of expected rate cuts this year to boost growth.