Global markets embraced the end of the zero interest rate policy era in the US, sending international stocks higher and quelling fears that investors would recoil at the prospect of higher interest rates.
The dollar climbed sharply against most major currencies in the wake of Wednesday’s US interest rate increase — the first in almost a decade — which dented commodity prices and weighed on the S&P 500; it gave up some of Wednesday’s gains to slip 1.1 per cent.
Yet international markets welcomed the clarity that the Fed’s move brought after years of investor concern over the threat a mismanaged US monetary tightening policy cycle could have on the global financial system.
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