THE S&P 500 closed at a new record high last night as US stocks rose in the wake of the Federal Reserve striking a doveish tone in its postmeeting statement.
The Fed hinted at a slightly faster pace of interest rate increases starting next year, but also suggested long-term rates would be lower than indicated previously.
The dollar retreated against the euro and the yen yesterday. The central bank slashed its forecast for economic growth to a range of between 2.1 per cent and 2.3 per cent for 2014 from an earlier forecast of around 2.9 per cent, as expected, but gave a nod to a "rebound" in the economy in recent months . "The statement was largely doveish," said
The Fed's monthly bond purchases were cut to
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