The Australian share market looks set to continue its winning streak, despite Wall Street closing down on news that the US Federal Reserve expects to raise interest rates a whole year sooner than most expected. Key points: US Federal Reserve indicates it will start raising rates by 2023 That is a year earlier than expected and is after the US economy is performing better than expected post-COVID US markets closed down on the prospect of earlier rate rises Ahead of local trade the ASX 200 futures were up 0.1 per cent. That is after Australia’s benchmark index hit another closing high yesterday. This follows Wall Street’s three main indexes all finishing in the red, with the Dow Jones losing 0.8 per cent, S&P 500 off 0.6 per cent, and the tech laden Nasdaq finishing 0.2 per cent down. A US rate hike by 2023 was largely unexpected news out of the Federal Reserve, despite warnings about mounting inflation there. The potential move higher in interest rates was signalled by 13 out of 18 of its members after a two day meeting. Loading Speaking after the meeting, Fed chair Jerome Powell told reporters that committee members had also begun a discussion about scaling back the… Read full this story
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