Published: Mon, June 19, 2017
Markets | By Noel Gibbs

FTSE 100 Slips As Fed Increases Interest Rates


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Following the mixed performance seen in the previous session, U.S. markets moved mostly lower during trading on Thursday. There would be gradually rising monthly offloading targets for different types of securities that the Fed holds on its balance sheet.

But traders were divided over the possibility, with some analysts noting the yuan is in better than a few months ago while liquidity in China has already been tightening.

United States stocks mostly fell while the dollar cut its losses on Wednesday after the Federal Reserve delivered a widely expected USA interest rate hike.

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The Federal Open Market Committee also maintained its forecast for one more rate hike this year.

As per data made available, the previous rate hike by the U.S. central bank in May had a 0.77 per cent upward impact on the BSE Sensex, while the decision to hold rates in March was impacted by 0.64 per cent.

Greg McBride, an analyst with consumer financial site Bankrate.com, tells NPR's Yuki Noguchi that, taken together, the Fed's moves have caused home equity and auto loan rates to increase about 1 percentage point over the last two years. According to the Commerce Department, retail sales fell 0.3 percent in May, which was the first decline since February and biggest drop in 16 months since January 2016.

Euro zone government bond yields edged up in early trade.

Fed policymakers also released their latest set of quarterly economic forecasts, which showed only temporary concern about inflation and continued confidence about economic growth in the coming years.

The dollar fetched 109.35 yen, not far from Wednesday's eight-week low of 108.81 yen.

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Fed futures markets now put the chances for another rate increase this year at below 50 percent.

'I still expect this to be the last hike for 2017, given emerging headwinds for the USA economy, in particular for consumption, as well as the worryingly weak inflation and wage growth paths'.

"The Fed seems to think the weakness is temporary".

But the New Zealand dollar skidded 0.8 percent to $0.7213, moving away from the previous session's four-month high of $0.7319.

"Traders appear unconvinced by the possibility of another U.S. rate hike this year, despite what the Fed indicated, with the implied probability of one by December standing at below 50%", said Oanda analyst Craig Erlam.

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