US stocks and government bonds rallied after Federal Reserve chair Jay Powell appeared to rule out raising rates by 0.75 percentage points at one of its forthcoming meetings.
The US central bank on Wednesday announced its first 0.5 percentage point interest rate rise in more than 20 years, but the move was widely expected and investors instead focused on Powell’s comments at a subsequent press conference.
Powell signalled that the Fed’s policymaking committee expected to implement 0.5 percentage point increases at its next two meetings, but was not “actively considering” a more aggressive 0.75 percentage point increase. He added, however, that the “if higher rates are required, then we won’t hesitate to deliver them”.
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