Asian markets mostly rose Wednesday but there was little conviction among investors as they await the end of the Federal Reserve’s latest policy meeting and Joe Biden’s first speech to Congress later in the day.
There was no inspiration from Wall Street, which provided a tepid lead despite another day of forecast-beating earnings, which analysts said indicated the latest rally may have run out of steam.
While in some countries vaccines are rolling out, lockdowns are easing and economies are recovering, there is a growing concern that frightening spikes in others — particularly India and Brazil — could deal a blow to the global rebound.
Adding to the mix is the long-running worry about inflation, with many observers warning that the expected surge in economic activity and demand will put massive upward pressure on prices that will force central banks to hike interest rates from their current ultra-low levels.
With that in mind the Fed’s meeting this week will be pored over for an idea about its plans for monetary policy as the recovery in the world’s top economy gathers pace.
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