NEWS： Expectations for rate cuts intensified by Fed officials'speeches
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Asian stocks rose on Friday as a speech by a senior Federal Reserve official reinforced expectations that the United States would cut interest rates later this month, stimulating demand for risky assets and curbing the dollar.
When interest rates and inflation are low, policymakers can't just sit back and wait for potential economic problems to erupt, John Williams, president of the Federal Reserve Bank of New York, said Thursday. His remarks were seen as a strong reason for swift monetary action.
On the oil market, crude oil prices soared after the United States said its navy had shot down an Iranian drone in the Strait of Hormuz, an important node of global crude oil transportation, which has raised concerns about the disruption of supply in the region.
Williams'remarks almost confirmed that the Federal Reserve would cut interest rates by 25 basis points at its July 30-31 meeting, which also encouraged expectations of a further 50 basis points cut.
Financial markets responded quickly, with Federal Fund Rate Futures showing a near 70% chance of a 50 basis point cut expected by the end of this month. But the Federal Reserve Bank of New York clarified that Williams'speech "had nothing to do with possible policy actions at the forthcoming Federal Open Market Committee (FOMC) meeting" and the expected rate of 50 basis points interest rate cuts fell to about 40%.
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