The JSE opened firmer in risk-on trade on Thursday, crossing the 55,000-point level for the first time in more than two years on the Federal Reserve’s mildly dovish stance, which implied a more gradual approach to lifting US interest rates. The Fed kept rates unchanged, as expected, but changed two phrases in its statement, which the market has interpreted as meaning that the rate-increase process will be more gradual than previously thought. The Fed said the planned balance sheet rundown would take place "relatively soon" from a previous "soon", while the 2% inflation target was changed to "around 2%", giving the central bank some leeway to react to the reality of subdued consumer inflation pressure in the US. "Asian stocks have risen to the highest levels in almost a decade as markets bet that the Fed will leave rates unchanged in the short term," said TreasuryOne dealer Phillip Pearce. Pearce said it was unsurprising that the Fed held rates steady while inflation remained persist...
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