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Asian markets pull back as Fed plans to stay put for years to come

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Tourists on Huangpu River cruise pass the Shanghai Tower. Shares in Shanghai fell on Thursday.

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Asian stock markets retreated on Thursday after the U.S. Federal Reserve said its benchmark interest rate would stay close to zero until at least 2023, but did not announce any further stimulus packages.

The Shanghai SHCOMP Composite Index,
-0.41%
lost 1% and the Nikkei 225 NIK,
-0.66%
in Tokyo fell 0.7%. The Hang Seng HSI,
-1.55%
in Hong Kong fell 1.8%.

The Kospi 180721,
-1.22%
in Seoul lost 1.4% while Sydneys S & P / ASX 200 XJO,
-1.22%
decreased by 1.1%. Stocks in New Zealand NZ50GR,
-0.31%,
Taiwan Y9999,
-0.80%,
Indonesia JAKIDX,
-0.39%
and Singapore STI,
-0.15%
also withdrew.

The benchmark Wall Streets S&P 500 closed 0.5% lower after the Fed said it would not raise interest rates until inflation hit 2%, which the Fed said. US central bank forecasts show that it doesn’t forecast until the end of 2023.

President Jerome Powell has promised the Fed that we will not lose sight of the millions of Americans who remain unemployed, but has given no indication of further stimulus.

Markets were hopeful the Fed would put policy money where its mouth is, but ended up being a bit disappointed, Mizuho Bank said in a report. The Fed was long on talks and short of action.

Global markets have recouped most of this year’s losses, boosted by injections of central bank credit into struggling economies and hopes for a coronavirus vaccine.

Forecasters warn, however, that the recovery may be too strong and too rapid to be supported by uncertain economic activity.

U.S. investors are counting on Congress for a new support package after additional unemployment benefits expire that help support consumer spending, but lawmakers are deadlocked on its possible size.

The S&P 500 SPX,
-0.46%
decreased to 3,385.49. The average DJIA Dow Jones Industrial,
+ 0.13%
rose 0.1% to 28,032.38. The Nasdaq composite COMP,
-1.25%
lost 1.3% to 11,050.47.

Powell said the U.S. economy has recovered faster than

The Fed expects the economy to contract 3.7% this year, an improvement from its June outlook of 6.5% decline. The Fed has projected an unemployment rate at the end of the year of 7.6% instead of the 9.3% projected in June.

A full economic recovery is unlikely until people are convinced that it is safe to re-engage in a wide variety of activities, Powell said.

On the energy markets, benchmark for American crude oil for delivery in October CLV20,
-0.24%
lost 28 cents to $ 39.88 a barrel in e-commerce on the New York Mercantile Exchange. The contract rose from $ 1.88 on Wednesday to $ 40.16. Brent oil for delivery in November BRNX20,
-0.21%
threw 22 cents to $ 42 a barrel in London. He earned $ 1.69 the previous session to $ 42.22.

The dollar USDJPY,
-0.16%
edged down to 105.04 yen from Wednesday 105.01 yen.

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