Asian shares rally, dollar slides on bets Fed almost done hiking
urged the companies to support a slowing economy, adding to signs that a years-long crackdown on the sector is over.
"With the usual caveat of one month not making a trend, the narrow path to a soft landing looks a smidgeon wider this morning," said Michael Feroli, chief U.S. economist at JPMorgan. Futures also moved to imply an earlier first rate cut, in March next year, and were pricing in a total of 125 basis points in cuts in 2024.
The U.S. dollar slumped to a fresh 15-month low against its major peers, taking off pressure on emerging market currencies and giving Asian policymakers more scope to ease monetary policy.
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