The ASX is poised for solid gains after Wall Street ended last week higher, for little apparent reason other than hopes rates will not rise too far. Follow the day's events and insights from our business reporters on the ABC News live markets blog.
Sun 5 Mar 2023 at 9:54pmWall Street took a great leap forward last Friday, but for little apparent reason.
Well, the reason was lower long term interest rates — US 10-year bond rates fell back below 4 per cent, that saw the rate sensitiveP 500 gained 1.6 per cent and the blue chip Dow a bit lessNAB's head of foreign exchange strategy, markets Ray AttrillThere was no obvious catalyst for Friday's price action
, with US Treasury yields and the USD already heading lower, and stocks higher, in front of Friday's supposedly all-import US ISM Services report. "The headline reading of 55.1 was just on the high side of expectations and signals continues good growth in the US services sector, represents some 80% of the US economy."After trade finished for the week, US Federal Reserve speakers also failed to offer much in the way of surprises, according to Mr Attrill.
'It's clear there is more work to do,' Daly said, and that, 'In order to put this episode of high inflation behind us,"In a call with reporters following the speech, Daly repeated that she supports raising rates to somewhere between 5% and 5.5%, roughly in line with the December dot plot median of 5.1%."
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