BEIJING (AP) — Global stock markets and Wall Street futures rose Thursday after the Federal Reserve said the U.S. economy is moving toward lower inflation but more interest rate hikes are planned.
London and Frankfurt opened higher. Shanghai and Tokyo advanced. Oil prices rose.
Wall Street’s benchmark S&P 500 index rose after the Fed increased its key lending rate by 0.25 percentage points, smaller than previous hikes. Chair Jerome Powell said the “disinflationary process has started” but “ongoing increases” in rates will be needed.
Traders hope central banks that raised rates repeatedly over the past year will scale back plans for more hikes as inflation eases. Some expect a U.S. cut before 2024, though Powell said he anticipates none this year.
Markets put a “dovish interpretation” on Powell’s comments despite his warning that it…
