Asian shares are mostly higher as investors focus on prospects for the U.S. Federal Reserve’s first cut to interest rates in more than four years. Benchmarks rose in Tokyo, Seoul and Shanghai but were little changed in Sydney. Trading was closed in Hong Kong for a holiday.
A person rides a bicycle in front of an electronic stock board showing Japan’s Nikkei index at a securities firm Wednesday, Sept. 18, 2024, in Tokyo . People stand in front of an electronic stock board showing Japan’s Nikkei index at a securities firm Wednesday, Sept. 18, 2024, in Tokyo . People stand near an electronic stock board showing Japan’s Nikkei index at a securities firm Wednesday, Sept. 18, 2024, in Tokyo .
The Fed’s announcement is scheduled for Wednesday, with the overwhelming expectation on Wall Street for a cut to the federal funds rate. The rate has been in a range of 5.25% to 5.50% for over a year. The Fed has been keeping its main interest rate at a two-decade high in hopes of grinding down on the economy enough to stifle high inflation.Will the Federal Reserve cut interest rates fast enough to deliver a ‘soft landing’?, the S&P 500 edged up less than 0.1% to 5,634.58. It remains 0.6% below its all-time closing high set in July, and it briefly rose above that mark during the morning.
In the bond market, the 10-year Treasury yield rose to 3.64% from 3.62% late Monday. The two-year yield, which more closely tracks expectations for the Fed’s actions, rose to 3.59% from 3.56%.
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