Global shares were mostly flat while US yields fell on Wednesday after the Federal Reserve delivered its 11th consecutive hike in interest rates aimed at reining in rising consumer prices. The rate hike, which was in line with market expectations, took the benchmark overnight interest rate to between 5.25% and 5.50% - the highest level since the global financial crisis in 2007-2009. "Powell and the committee are taking a very data-dependent approach to future rate hikes," said Angelo Kourkafas, investment strategist at Edward Jones. US Treasury yields slipped in choppy trading after the Fed's rate decision. The yield on 10-year Treasury notes was down at 3.865%, while the two-year yield, which typically reflects interest rate expectations, fell to 4.8433%.

Source: The Hindu July 27, 2023 12:25 UTC