Global markets mostly higher as Jackson Hole in focus
27 August, 2017, 01:29 | Author: Franklin Nunez
Overall, the Fed chair said, "any adjustment to the regulatory framework should be modest and preserve the increase in resilience" in a financial system she said is now better able to weather future shocks.
U.S. stocks rose on Friday (Aug 25), with petroleum-linked shares lifted by energy outages related to Hurricane Harvey as Federal Reserve Chair Janet Yellen steered clear of monetary policy during her much anticipated address.
The dollar slumped in London during noon trading after Federal Reserve chairwoman Janet Yellen offered little more than a defence of post-crisis financial regulation in her eagerly anticipated speech at the Jackson Hole symposium.
New Zealand's two-year swap rate was unchanged at 2.17 percent while 10-year swaps fell 2 basis points to 3.13 percent.
Yellen's speech at the annual meeting of central bankers in Jackson Hole, Wyoming, focused on financial stability while giving no hint on monetary policy, leaving the prospect of more interest rate hikes up in the air. The dollar index, which measures the U.S. currency against a basket of peers, fell 0.5 per cent to 92.80 after the address.
"It was a reminder to Trump, the Trump administration, that they need to be very thoughtful with policy and who they choose to replace Janet Yellen". It waited another year before increasing rates again in 2016.
Trump on Wednesday threatened to shut down the government if funds were not secured to build a Mexico border wall, comments that came as a late-September deadline looms for US officials to raise the debt ceiling or risk a default.
Carefully scripted remarks by the world's leading central bankers on Friday left the dollar lower but had a muted effect on global stocks, while crude prices rose as monster Hurricane Harvey approached the US Gulf Coast oil hubs.
On the US economic front, the Commerce Department released a report showing a sharp pullback in durable goods orders in the month of July. Stocks fell in Asia overnight, but European indices were all in positive territory on Thursday. Ex-transportation orders had been expected to rise by 0.4 percent. The index came in at 107.9 against the forecasts of 106.8.
Meanwhile, sales of previously-owned homes declined to their lowest level in a year in July to a seasonally adjusted annualized rate of 5.44mln units, down 1.3% from June's downwards-revised figure.
For the week, the Dow rose 0.65 percent, the S&P 500 gained 0.72 percent and the NASDAQ climbed 0.79 percent.
The euro was flat at $1.1804, after climbing on Wednesday on surveys that showed German and French manufacturing and services were expanding.
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