Dovish comments from U.S. Federal Reserve Chairman Ben Bernanke sparked a sharp rally across financial markets on Thursday, as relief followed weeks of jitters that the central bank could take back some of its hefty monetary stimulus soon.
Speaking at a conference on Wednesday, Bernanke said the U.S. economy continues to need a highly accommodative monetary policy.
This had an immediate impact on asset prices that have fallen sharply on Fed tapering fears. Gold prices jumped more than 2 percent to around $1,289, their highest level in more than two weeks and the 10-year Treasury yield fell to around 2.59 percent in Asia from around 2.67 percent in late New York trade – about 17 basis points below a two-year peak hit in the wake of Friday’s strong U.S. jobs data.
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Bernanke Comments Lead To Global Relief
Published 07/11/2013, 04:01 AM
Updated 07/09/2023, 06:31 AM
Bernanke Comments Lead To Global Relief
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