Wall Street moves into record territory ahead of Fed Reserve announcement

Federal Reserve Chair Janet Yellen attends a hearing of the Federal Reserve Board Joint Economic Committee on Capitol Hill in Washington. Investors may not be sure about what the central bank might have in

"Most of my colleagues factored in the prospect of fiscal stimulus into their projections", Federal Reserve Chairwoman Janet Yellen said in a press conference after a two-day meeting.

It later moved in tight range of 64.40 and 64.51 most part of the day before ending at 64.40, showing a loss of 3 paise, or 0.05 per cent.

"At the moment, the U.S. economy is performing well", Yellen told reporters.

The bottom line is that there's no way to know for sure how much savings interest rates will be impacted by a Fed rate hike.

The Fed now sees gross domestic product growing 2.5 percent in 2018, up from the 2.1 percent forecast in September. Policymakers are forecasting another three rate increases next year, although concerns about low inflation, which has consistently undershot the central bank's 2% target, give some market participants pause about that pace of rate increases. But in resuming its rate hikes, the Fed is acknowledging the steady strengthening of the U.S. job market, which is benefiting from a sturdier global economy.

Hong Kong stocks rebounded, underpinned by services and financial firms, with the Hang Seng index closing up 1.49 per cent at 29,222.10.

The percentage wage increase is better for high school graduates, he said, but the dollar increase still favors the rich: a 3.3% raise for someone making $20,000 a year is $660-only an eighth of the $5,000 raise going to someone earning $500,000 and getting a 1% increase.

The Fed will announce its decision on rates at 1900 GMT Wednesday followed by a statement. The committee also revised its inflation figures up slightly, with a headline inflation rating at 1.7% rather than the 1.6% projected in September.

Yet the central bank made no change to its forecast for inflation and interest rates in 2018, hewing to earlier plans for three rate hikes in 2018.

The dollar index, which weighs the greenback against a basket of currencies, fell 0.72 per cent, while the euro was up 0.71 per cent to $1.1823. "I think, the risks are balanced, and there's less to lose sleep about now than has been true for quite some time".

European lawmakers continue to debate Brexit and weigh moves on the next step, while North America Free Trade Agreement negotiators meet again. At this rate, however, it would take 6-1/2 years to reduce its balance sheet to its pre-financial-crisis level.

Some interest rates are directly tied to the federal funds rate. "And as the Fed keeps raising rates, eventually the economy will slow, corporate profits and cash flow will come under pressure and that debt load will be a real issue in the next downturn", he said in an interview with "Power Lunch".

Meanwhile, Yellen also responded to a question about bitcoin, and downplayed its role in the payments system.

The Fed, too, has noted the trend favoring less-educated workers. The Fed inflation target is 2 percent.

The dollar fell to 112.52 Japanese yen from 113.58 yen late Tuesday. Brent crude, used to price international oils, slid 90 cents, or 1.4 percent, to close at $62.44 per barrel in London.

Bitcoin has added nearly 60% over the past five days, and was last seen trading around $17,114.

Retail inflation hit a 15-month high of 4.88 per cent in November, while industrial production growth hit a three-month low of 2.2 per cent in October this year, as per data released by the Central Statistics Office (CSO).



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