Asia markets rally on US Fed remarks signalling rate cuts in 2024

ASIA markets lifted off after the US Federal Reserve paused interest rate hikes and signalled that it will cut interest rates in 2024.

While the pause was in line with expectations, market watchers noted that the Fed statements and economic projections were more dovish than markets expected.

At the final Federal Open Market Committee meeting of the year, held from Dec 12 to 13, Fed chair Jerome Powell acknowledged that there were discussions over the timing of rate cuts.