Thursday’s Asia-Pacific Outlook
The US Dollar surged higher against its major peers during New York trading hours. The Federal Open Market Committee (FOMC) announced a 75-basis point rate hike and updated its growth and inflation forecasts. The FOMC’s Summary of Economic Projections (SEP) now sees lower growth, higher unemployment and higher interest rates until 2024 compared to the June SEP. The policy-sensitive 2-year US yield rose more than 10 basis points to its highest level since October 2007. The S&P 500 closed 1.71% lower.
