Posted 11/2/2023, 9:53:06 AM
Markets Rally on Dovish Powell Comments, Anticipate Slower Pace of Rate Hikes
- Markets cheered as Powell signaled lower likelihood of further rate hikes and more balanced risks.
- Asian markets rallied on Powell's dovish stance. Markets now see high chance of rate cuts in 2023.
- Treasury yields pulled back as risks of aggressive Fed tightening eased. 30-year yield dipped under 5%.
- Dovish Fed boosted risk assets like Aussie and Kiwi dollars. Next hurdle is Apple earnings after market close.
- Payrolls report on Friday could disrupt market optimism if strong.