Global shares advance on Fed’s stance, bright GDP outlook

Asian share markets and U.S. stock futures gained on Thursday. The series of gains followed after the Federal Reserve decided to maintain its accommodative monetary policy while expecting that the economy of the United States would stage an impressive rebound from the coronavirus crisis.

MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.99% increase. China shares performed 0.46% higher, while Australian shares plunged to record a 0.3% decline. Futures for the S&P 500 tallied a 0.3% gain.

While a 2.4% surge in inflation was expected this year, Fed Chair Jerome Powell assured that this would not affect the central bank’s current policy rates. More so, the Fed set a 6.5% economic expansion this year as U.S. President Joe Biden’s stimulus package and nationwide coronavirus vaccinations fueled the U.S. economy.