Asian Markets Rally After FOMC, Gold Back Above $1250
All the Asian markets are trading on a higher note on Thursday after FOMC kept interest rate unchanged at 0.5% but cuts GDP forecast.
Central bank cuts its estimate of GDP growth in 2016 to 2.2% from 2.4%. In addition, inflation is expected to rise to 1.2% by year end, also markedly down from a prior 1.6% estimated.
The FOMC said it still expects to tighten policy gradually over the coming years as the economy continues to recover.
Japan's benchmark Nikkei 225 index rallied 1.39% to 17,209.84 points Thursday, while the broader Topix index jumped 1.31% to 1,378.38 points.
Hong Kong Hang Seng index was trading 1.19% higher at 20,519.16 points, while the Shanghai Composite index traded little higher at 2,872.72 points early on.
South Korea’s Kospi was trading 1.04% higher at 1995 points.
Australia's benchmark S&P/ASX 200 index rallied 1.27% to 5,184.00 points on Thursday afternoon in Sydney.
New Zealand's S&P/NZX 50 index traded little down at 6,557.05 points on Thursday afternoon in Wellington.
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