Focus of the yesterday's session was on Fed's interest rate decision. Federal Reserve officials set an October start for shrinking their $4.5 trillion stockpile of assets, moving to unwind a pillar of their crisis-era support for the economy. Policy makers left the benchmark interest rate unchanged in a range of 1 percent to 1.25 percent. They continued to forecast one more interest-rate hike later this year, saying storm damage will have only a temporary impact on the economy.
“Hurricanes Harvey, Irma and Maria have devastated many communities, inflicting severe hardship,” the Federal Open Market Committee said in its statement on Wednesday following a two-day meeting in Washington. “Storm-related disruptions and rebuilding will affect economic activity in the near term, but past experience suggests that the storms are unlikely to materially alter the course of the national economy over the medium term.”
There will be no major data releases from Australia tomorrow. In the US session Unemployment Claims and Philly Fed Manufacturing Index figures will be published. Analysts predict increase to 302,000 in Unemployment Claims while Philly Fed Manufacturing Index should decrease to 17.3.
Figures to watch:
Unemployment Claims (Thursday 14:30)
Philly Fed Manufacturing Index (Thursday 14:30)
