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Asian stocks mixed as Fed steers clear of signaling rate cut


Added 05-02-19 12:04:02am EST - “SINGAPORE (AP) ?" Asian stocks were mixed on Thursday after the U.S. Federal Reserve kept its benchmark interest rate intact and steered clear of suggesting that a cut was possible this year. Trading was light with markets in Japan…” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “Asian stocks mixed as Fed steers clear of signaling rate cut”. Below is an excerpt from the article.

SINGAPORE (AP) — Asian stocks were mixed on Thursday after the U.S. Federal Reserve kept its benchmark interest rate intact and steered clear of suggesting that a cut was possible this year. Trading was light with markets in Japan and mainland China closed.

Hong Kong's Hang Seng rose 0.4% to 29,829.76 while Australia's S&P ASX 200 lost 0.6% to 6,340.20. The Kospi in South Korea was 0.3% higher at 2,209.33. Stocks rose in Taiwan but fell in Singapore and Indonesia.

On Wednesday, the Federal Reserve left its benchmark interest rate — which determines the cost of borrowing for individuals and businesses — in a range of 2.25% to 2.5% as expected.

Still, some traders had hoped the Fed would signal a rate cut to lift persistently low inflation to its 2% target rate. The Fed's preferred 12-month inflation barometer is running at about 1.5%.

Chairman Jerome Powell steered clear of this at a news conference. "The committee is comfortable with our current policy stance," he said.

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