Business
ASX set for gains as Wall Street gets Fed boost – Sydney Morning Herald
The S&P 500 ticked higher after the Federal Reserve pledged to keep buying bonds until the economy makes substantial progress from its virus-wracked state.
Economists, investors and even Fed officials have been saying such support is crucial, because the Fed’s tools alone can help the economy only so much. The lower interest rates ushered in by the Fed can help goose home prices and stocks on Wall Street, for example, but they can’t replace the pay cheques lost by workers whose businesses have shut because of the pandemic.
The stakes are rising by the day for Congress to act. A report released Wednesday morning showed that retail sales sank 1.1 per…
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