Australian shares are expected to start the day higher after the US Federal Reserve raised interest rates and signalled more hikes to fight inflation.
Wall St closed higher after some choppy tradingASX futures were up 1 per cent to 7,256 by 06:45am AEDT.
"The way we're thinking about this is that every meeting is a live meeting," Powell said in a news conference. "We're going to be looking at evolving conditions, and if we do conclude that it would be appropriate to move more quickly to remove accommodation, then we'll do so." “They’re going to try to be aggressive here in raising rates. I wish Jay Powell and company all the best of luck because they're not going to get anywhere near as they think, unless they’re willing to throw a lot of people out of jobs, because that's what's going to happen. Because we're going to have a recession. This is a recession forecast," he said.
"Hearing the Fed finally 'say and act' to tackle inflation is somewhat calming for the investment community, and for Main Street struggling with higher inflation."According to preliminary data, the S&P 500 gained 96.45 points, or 2.26 per cent, to end at 4,358.90 points, while the Nasdaq Composite gained 491.50 points, or 3.80 per cent, to 13,440.12.Historical data suggests tighter monetary policy has often been accompanied by solid gains in stocks.
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