Asian stocks perked up on Thursday after U.S. Federal Reserve Chair Jerome Powell reaffirmed interest rates would stay low, calming market fears that higher inflation might prompt the central bank to tighten the monetary spigot.
“The dovish influence from the Fed is going to continue to resonate over in Asia. That’s really good for emerging market assets when we’ve got a really good impulse from the Fed,” said Stephen Innes, chief global markets strategist at Axi.
In a second day of testimony in Washington, Powell reiterated the Fed’s promise to get the U.S. economy back to full employment and to not worry about inflation unless prices rose in a persistent and troubling way.
Crude oil climbed to fresh 13-month highs after U.S. government data showed a drop in crude output as a…