Asian stock markets eked out a 10th consecutive session of gains on Wednesday, but momentum ebbed as doubts about the global recovery from the pandemic returned ahead of the U.S. Federal Reserve meeting.
FILE PHOTO: A man wearing a protective face mask, following the coronavirus disease outbreak, walks in front of a stock quotation board outside a brokerage in Tokyo, Japan, May 18, 2020. REUTERS/Kim Kyung-Hoon
Focus has switched to the Fed’s economic outlook and whether a steepening of the U.S. yield curve during last week’s bond market selloff might prompt intervention at longer tenors. The Fed’s economic projections, guidance as to how long and how low rates can be held down and the prospect of yield-curve control will be closely watched, Varathan said in a note.
After weeks of ignoring woeful data, the prospect of a slow recovery now seems to be weighing on investors minds and feeding into growing expectations for the Fed to do even more.
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