Asian shares were mostly higher Thursday after the U.S. Federal Reserve held interest rates steady.
Data from China showed consumer and factory activity weakened in May and record-breaking unemployment among young people in cities rose as an economic rebound following the end of anti-virus controls slowed. Consumers, uneasy about possible job losses, have returned to shops and restaurants less quickly than expected.
In standing pat on rates, Fed Chair Jerome Powell said the economy will have more time to absorb past hikes, adding, “ideally by taking a little more time, we won’t go well past the level where we need to go.”“It is too early to say that Powell is winning the fight against inflation,” said Ruslan Lienkha, chief of markets at YouHodler, a financial services company.
The S&P 500 SPX finished the day 0.1% higher to 4,372.59 after pinballing between gains and losses following the Fed’s announcement. The Dow Jones Industrial Average DJIA dropped 0.7% to 33,979.33, while the Nasdaq composite COMP rose 0.4% to 13,626.48. Inflation has slowed since last summer’s peak, but Powell said there hasn’t been enough improvement in underlying trends to feel comfortable.
The two-year Treasury yield, which moves more on expectations for the Fed, climbed to 4.68% from 4.67% late Tuesday and was as high as 4.78%.
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