US stocks are ticking higher, ahead of the Federal Reserve’s announcement coming in the afternoon about what it will do with interest rates.
The S&P 500 was up 0.7 per cent in afternoon trading, though momentum slowed sharply from its surge a day before following Donald Trump’s presidential victory. The Dow Jones slipped 6 points, or less than 0.1 per cent, and the Nasdaq composite was 1.4 per cent higher. The Fed’s rates decision is at 6am AEDT.The Australian sharemarket is set to rise, with futures at 4.51am AEDT pointing to a rise of 70 points, or 0.9 per cent, at the open.
In the bond market, the yield on the 10-year Treasury eased to 4.36 per cent from 4.44 per cent late Wednesday. It gave back some of its surge from the prior day, driven by expectations that Trump’s plans for higher tariffs, lower tax rates and lighter regulation could lead to bigger economic growth, inflation and U.S. government debt.The market’s main event for the day, though, is coming later in the afternoon.
Trump is pushing for tariffs and other policies that economists say would drive inflation higher, along with the economy’s growth. Traders have already begun paring forecasts for how many cuts to interest rates the Fed will deliver next year because of that. Expectations for such cuts have been a major reason the S&P 500 has set dozens of records already this year.
In Asia, Japan’s Nikkei 225 slipped 0.3 per cent amid worries about the potential for a revival of trade tensions under a Trump administration.
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