Gov't not overly concerned with Fed's rate hike

Gov't not overly concerned with Fed's rate hike

Gov't not overly concerned with Fed's rate hike

The Federal Reserve struck a familiar tone in its statement concerning interest rates, pointing out that gradual increases in interest rates remain appropriate.

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The Thomson Reuters/HKEX Global CNH index, which tracks the offshore yuan against a basket of currencies on a daily basis, stood at 94.24, weaker than the previous day's 94.26.

The data on Wednesday showed U.S. consumer prices unexpectedly fell in the month of May and retails sales recorded their major drop in 16 months and this has raised questions about the bank's future progression.

The Fed raised the short-term rate it controls to a range of 1 percent to 1.25 percent, the second hike this year and the third in six months.

Against its Japanese counterpart, the dollar shrugged off earlier losses and was flat at 109.54 yen, above Wednesday's eight-week low of 108.81 yen. The euro dropped to $1.1160 from $1.1217.

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U.S. 10-year Treasury yields were last at 2.134 percent, below their United States close of 2.138 percent. "They are expecting 2 percent, which may not be realistic".

The Bank also outlined its plan of reducing its balance sheet, which it expanded by buying bonds and other securities in order to tackle the housing crisis leading up to the great USA financial meltdown in 2008.

"We could put this into effect relatively soon", Fed Chair Janet Yellen said at a news conference after the FOMC meeting on Wednesday about paring the Fed's bond holdings.

While the hike was widely expected, some investors said the central bank's tone was more hawkish and that raised concern about the pace of USA economic growth.

The Fed said inflation likely will fall well short of its 2 percent target this year.

President Donald Trump's budget director said he expects the Federal Reserve to continue to run an easy monetary policy even as it unwinds the "unprecedented experiment" that swelled its balance sheet to $4.5 trillion. The rest of them said it would make such a move at its December 12-13 meeting.

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In its statement following a two-day meeting, the Fed's policy-setting committee indicated the economy had been expanding moderately, the labor market continued to strengthen and a recent softening in inflation was seen as transitory.

"In this climate, there are no incentives to buy the dollar", she said.

After gaining support from weak United States data on Wednesday, there was a sharp reversal after the firm Fed policy statement as the dollar gained renewed support.

Treasurys and other assets, like mortgagebacked securities, on its balance sheet.

United States stocks fell for the fourth time in five days as selling in technology shares worsened, sending the Nasdaq indexes lower by more than 0.6 percent.

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