Business
ASX slips, as New Zealand falls into recession and US Fed vows to keep rates near zero – ABC News
The Australian share market falls as the Fed promises to keep rates around zero until at least 2023, while Australia’s unemployment rate is expected to rise to 7.7 per cent.
Australian shares are set to open slightly lower as the US Federal Reserve indicated that interest rates would stay near zero for at least three years.
Key points:
- Australia’s unemployment rate is expected to rise to 7.7pc
- The Fed won’t lift US interest rates until inflation “moderately” exceeds 2pc for “some time”
- New Zealand’s economy shrank by 12.2pc in the June quarter
By 10:20am AEST, the benchmark ASX 200 was down 0.4 per cent to 5,932 points.
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