Fuhh, This is How Risky Assets Move After the FOMC!

 The results of the minutes of the FOMC meeting appeared to be on the side of investors, further driving a positive close on Wall Street stocks.


Examining the minutes, there was a 'large majority' of policymakers agreeing on the 'imminent possibility' of slowing interest rate hikes much to the delight of investors.


Wedbush Securities managing director Michael James commented on what investors should expect after the November meeting was captured in the released minutes.


In general, the Federal Reserve (Fed) has been aggressively raising rates for the past few meetings in an effort to control inflation that has peaked at a 40-year high.


However, based on the economic data of the United States (US) which shows the effectiveness of the Fed's efforts, investors hope that the tightening policy can be slowed down a little.



The streak, Dow Jones Industrial rose 0.28% at 34,194.06 while the S&P 500 added 0.59% at 4,027.26 and the Nasdaq Composite climbed 0.99% at 11,285.32.


In the Asian zone, South Korea's Kospi rose 0.56%, Australia's S&P/ASX 200 rose 0.35%, Japan's Nikkei 225 added 1.34% and Topix jumped 1.29%.


Also contributing to the surge in equities was the dollar's dismal movement after the release of US jobless claims data which rose on the back of a 5-month contraction in business activity in the US.


The portfolio manager of Anson Funds, Moez Kassam, explained that yesterday's new data was seen to give light to investors after some time before only waiting on the sidelines following the FOMC minutes.


Even so, US overnight trading volume was relatively light with Thanksgiving being celebrated today and Wall Street markets said to be open for a half day on Friday.

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