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Equities rally and dollar retreats from 20 year high as Fed raises interest rates by 75 bps

videos | Jun 16, 2022 9:07 AM IST

Equities rally and dollar retreats from 20-year high as Fed raises interest rates by 75 bps

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The US central bank raised interest rates by 75 basis points — as widely expected — in a historic move to tackle a 40-year peak in inflation. The dollar has fallen, equities have rallied and there is a bit of a reaction on the SGX Nifty, which is indicating a higher start.

The US central bank raised interest rates by 75 basis points — as widely expected — in a historic move to tackle a 40-year peak in inflation. Equities have rallied and the dollar retreated from a 20-year high.

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The dollar had scaled new heights as US yields rose, but it lurched lower after Chair Jerome Powell's press conference.
A lot of prepositioning that has been seen in the market has been reversed because of this. Going into the US Federal Reserve’s meeting, the pre-positioning was bearish and that has flipped over to positive.
The S&P 500 rallied on Wednesday to snap a five-session losing skid after Federal Reserve's policy announcement as the central bank seeks to fight rising inflation without sparking a recession.
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Trends on SGX Nifty indicated a positive opening for the broader index in India with a gain of 126 points. The Nifty futures were trading around 15,796 levels on the Singaporean exchange.
On Wednesday, Indian equity benchmarks failed to end yet another volatile session in the green, scaling fresh 11-month closing lows.
Watch the accompanying video of CNBC-TV18’s Prashant Nair for more details.
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