US President Donald Trump is expected on Thursday to nominate Jerome Powell as the next head of the Federal Reserve, putting his own stamp on the leadership of the US&nbsp;central bank while signaling continuity on monetary policy.

Trump&#39;s decision, scheduled for Thursday afternoon, concludes a months-long process in which he considered five finalists, including current Fed Chair Janet Yellen, before settling on Powell who has served as a Fed governor since 2012.

Powell&#39;s name has been circulated as the top contender for over a week.

A source with knowledge of the process said no surprises were expected on Thursday, despite Trump&#39;s reputation for weighing decisions up to the last minute and his praise on Wednesday of Yellen, who was nominated by Democratic President Barack Obama. Her term as Fed chair expires in February 2018 though she is entitled to remain a Fed board governor until 2024.

&quot;I think Janet Yellen is excellent,&quot; Trump told reporters during a meeting with his cabinet after declaring his intention to announce his choice the next day.

Asked if she was his pick, Trump said: &quot;I didn&#39;t say that.&quot;

He predicted people would be &quot;extremely impressed&quot; with the nominee, who will require Senate confirmation.

Powell, 64, has supported Yellen&#39;s general direction in setting monetary policy, and in recent years has shared her concerns that low inflation justified continuing with a cautious approach to raising interest rates.

Commerzbank economist Bernd Weidensteiner said a Powell pick would mean Trump had chosen the &quot;least controversial&quot; person for the job. &quot;Under his chairmanship markets would expect business as usual&nbsp;which they obviously like,&quot; he said.

The president has mulled his choices for Fed chair, a decision that is normally cloaked in secrecy, in an unusually public way, asking lawmakers and even a television news anchor to weigh in on whom they would pick.

Trump also considered Stanford University economist John Taylor, former Fed Governor Kevin Warsh, and White House economic adviser Gary Cohn.

Taylor and Warsh were both viewed as people who might raise interest rates at a faster pace than Yellen and Powell. Cohn appeared to fall out of favor after criticizing Trump&#39;s reaction to the violence in Charlottesville, Virginia, earlier this year.

Financial markets look set to greet Powell&#39;s appointment with a shrug. Investors are pricing in an interest rate rise in December and the Fed&#39;s current projections are for three more rate rises next year.

Powell is expected to pursue a policy of cautious deregulation of the financial sector, potentially freeing smaller banks from some of the rules imposed in the wake of the 2007-2008 financial crisis.

Powell, who has been a Federal Reserve board governor since 2012, played a key role in drafting new bank regulations after the crisis and will likely offer more continuity for Wall Street than other candidates, analysts said.

Jerome Powell's name has been circulated as the top contender for over a week.

US President Donald Trump is expected on Thursday to nominate Jerome Powell as the next head of the Federal Reserve, putting his own stamp on the leadership of the US central bank while signaling continuity on monetary policy. Trump's decision, scheduled for Thursday afternoon, concludes a months-long process in which he considered five finalists, including current Fed Chair Janet Yellen, before settling on Powell who has served as a Fed governor since 2012. Powell's name has been circulated as the top contender for over a week. A source with knowledge of the process said no surprises were expected on Thursday, despite Trump's reputation for weighing decisions up to the last minute and his praise on Wednesday of Yellen, who was nominated by Democratic President Barack Obama. Her term as Fed chair expires in February 2018 though she is entitled to remain a Fed board governor until 2024. "I think Janet Yellen is excellent," Trump told reporters during a meeting with his cabinet after declaring his intention to announce his choice the next day. Asked if she was his pick, Trump said: "I didn't say that." He predicted people would be "extremely impressed" with the nominee, who will require Senate confirmation. Powell, 64, has supported Yellen's general direction in setting monetary policy, and in recent years has shared her concerns that low inflation justified continuing with a cautious approach to raising interest rates. Commerzbank economist Bernd Weidensteiner said a Powell pick would mean Trump had chosen the "least controversial" person for the job. "Under his chairmanship markets would expect business as usual which they obviously like," he said. The president has mulled his choices for Fed chair, a decision that is normally cloaked in secrecy, in an unusually public way, asking lawmakers and even a television news anchor to weigh in on whom they would pick. Trump also considered Stanford University economist John Taylor, former Fed Governor Kevin Warsh, and White House economic adviser Gary Cohn. Taylor and Warsh were both viewed as people who might raise interest rates at a faster pace than Yellen and Powell. Cohn appeared to fall out of favor after criticizing Trump's reaction to the violence in Charlottesville, Virginia, earlier this year. Financial markets look set to greet Powell's appointment with a shrug. Investors are pricing in an interest rate rise in December and the Fed's current projections are for three more rate rises next year. Powell is expected to pursue a policy of cautious deregulation of the financial sector, potentially freeing smaller banks from some of the rules imposed in the wake of the 2007-2008 financial crisis. Powell, who has been a Federal Reserve board governor since 2012, played a key role in drafting new bank regulations after the crisis and will likely offer more continuity for Wall Street than other candidates, analysts said.

Donald Trump expected to name Jerome Powell as next head of Federal Reserve

US President Donald Trump is expected to announce his choice to lead the Federal Reserve on Thursday, a US official said Monday.

Trump said last week he had &#39;somebody very specific in mind. I think everybody will be very impressed.&#39;

He has not publicly ruled out re-nominating current Fed Chair Janet Yellen to a second four-year term, but US media have reported that Jerome Powell, a current Fed governor, is the likely candidate.

That would mark a change from tradition, as US presidents since the 1970s have always reappointed the central bank chief named by their predecessor as a signal of stability to markets.

But analysts say the decision puts Trump at cross purposes: Yellen has delivered a growing economy with low unemployment and low inflation but her vocal support for tough banking regulations runs counter to the White House position.

Trump has eagerly dismantled signature policies of the Obama administration, making Yellen, an Obama appointee, an enticing target.

Still, while two other known candidates, former Fed governor Kevin Warsh and Stanford Economist John Taylor, have support in some conservative circles, economists say in their hands US monetary policy would now be significantly tighter.

Trump has said he wanted &#39;to see rates stay low.&#39;

Current White House economic advisor Gary Cohn has also interviewed for the position but Trump may be reluctant to lose Cohn during what could be a hard-fought battle for sweeping tax cuts.

Trump also cooled on Cohn after the economist publicly criticized the president for his response to a deadly white nationalist rally in Charlottesville, Virginia in August.

Powell is the only holdover Republican currently sitting on the Federal Reserve Board and is seen a possible consensus candidate -- amenable to deregulation but unlikely to raise rates as quickly.

Trump said last week he had "somebody very specific in mind. I think everybody will be very impressed."

US President Donald Trump is expected to announce his choice to lead the Federal Reserve on Thursday, a US official said Monday. Trump said last week he had 'somebody very specific in mind. I think everybody will be very impressed.' He has not publicly ruled out re-nominating current Fed Chair Janet Yellen to a second four-year term, but US media have reported that Jerome Powell, a current Fed governor, is the likely candidate. That would mark a change from tradition, as US presidents since the 1970s have always reappointed the central bank chief named by their predecessor as a signal of stability to markets. But analysts say the decision puts Trump at cross purposes: Yellen has delivered a growing economy with low unemployment and low inflation but her vocal support for tough banking regulations runs counter to the White House position. Trump has eagerly dismantled signature policies of the Obama administration, making Yellen, an Obama appointee, an enticing target. Still, while two other known candidates, former Fed governor Kevin Warsh and Stanford Economist John Taylor, have support in some conservative circles, economists say in their hands US monetary policy would now be significantly tighter. Trump has said he wanted 'to see rates stay low.' Current White House economic advisor Gary Cohn has also interviewed for the position but Trump may be reluctant to lose Cohn during what could be a hard-fought battle for sweeping tax cuts. Trump also cooled on Cohn after the economist publicly criticized the president for his response to a deadly white nationalist rally in Charlottesville, Virginia in August. Powell is the only holdover Republican currently sitting on the Federal Reserve Board and is seen a possible consensus candidate -- amenable to deregulation but unlikely to raise rates as quickly.

Donald Trump to announce his choice to lead Federal reserve on Thursday

The 30-share BSE Sensex surged past the 32,000 mark for the first time closing at a record high of 32,037.&nbsp;

The broader 50-share Nifty also closed at a record high of 9,892.&nbsp;

The rally came on the back of retail inflation figures which hit a record low.&nbsp;

The retail inflation data, which came out on Wednesday, saw inflation dropping to a record low of 1.54 per cent. The lower inflation figures offer the Reserve Bank of India enough room for bringing the key interest rates down.

Asian and European indices were also trading higher on the back of Federal Reserve chair Janet Yellen testifying before the US Congress that the rate hike will be steady.

Foreign Portfolio Investors (FPI) took the opportunity to pour more money into the Indian equities.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 361.25 crore yesterday, PTI reported.

The market rally was led primarily by banking and consumer goods stocks.

ITC was the top gainer among the pack surging 3.03 per cent. Other top gainers included Bharti Airtel, ICICI Bank and Sun Pharma.&nbsp;

The rally came on the back of lower inflation figures which were released on Wednesday offering RBI enough room to bring down interest rates

The 30-share BSE Sensex surged past the 32,000 mark for the first time closing at a record high of 32,037. The broader 50-share Nifty also closed at a record high of 9,892. The rally came on the back of retail inflation figures which hit a record low. The retail inflation data, which came out on Wednesday, saw inflation dropping to a record low of 1.54 per cent. The lower inflation figures offer the Reserve Bank of India enough room for bringing the key interest rates down. Asian and European indices were also trading higher on the back of Federal Reserve chair Janet Yellen testifying before the US Congress that the rate hike will be steady. Foreign Portfolio Investors (FPI) took the opportunity to pour more money into the Indian equities. Foreign portfolio investors (FPIs) bought shares worth a net Rs 361.25 crore yesterday, PTI reported. The market rally was led primarily by banking and consumer goods stocks. ITC was the top gainer among the pack surging 3.03 per cent. Other top gainers included Bharti Airtel, ICICI Bank and Sun Pharma.

Sensex closes at record high, crosses 32,000

Curbing immigration, as US President Donald Trump appears intent on doing, could slow already sluggish US economic growth, Federal Reserve Chair Janet Yellen cautioned Tuesday.

With the US population ageing, the flow of new workers from abroad has been an important factor in keeping the economy expanding, Yellen said in her first testimony before Congress since Trump took office last month.

While she declined to comment on specific immigration policies, Yellen said the pool of available workers has been growing slowly &quot;and immigration has been an important source of labor force growth&quot;.

&quot;So slowing the pace of immigration probably would slow the growth rate of the economy,&quot; she added.

She called the 1.9 percent US growth rate last year &quot;disappointing,&quot; and emphasized that productivity -- the ability of workers to produce more goods and services -- has lagged.

&quot;We have an aging population and labor force growth is relatively slow, and productivity growth in recent years has been depressingly slow,&quot; which keeps economic growth low, Yellen said.

Trump&#39;s early days in office have been marked by controversy over an order barring entry to nationals from seven Muslim-majority countries, since blocked by the courts, as well as nationwide raids to scoop up and deport illegal immigrants with criminal records.

Yellen, however, said specific immigration policies are &quot;for Congress and the administration to decide&quot;.

(AFP)

With the US population ageing, flow of foreign workers has been an important factor in keeping the economy expanding: Yellen

Curbing immigration, as US President Donald Trump appears intent on doing, could slow already sluggish US economic growth, Federal Reserve Chair Janet Yellen cautioned Tuesday. With the US population ageing, the flow of new workers from abroad has been an important factor in keeping the economy expanding, Yellen said in her first testimony before Congress since Trump took office last month. While she declined to comment on specific immigration policies, Yellen said the pool of available workers has been growing slowly "and immigration has been an important source of labor force growth". "So slowing the pace of immigration probably would slow the growth rate of the economy," she added. She called the 1.9 percent US growth rate last year "disappointing," and emphasized that productivity -- the ability of workers to produce more goods and services -- has lagged. "We have an aging population and labor force growth is relatively slow, and productivity growth in recent years has been depressingly slow," which keeps economic growth low, Yellen said. Trump's early days in office have been marked by controversy over an order barring entry to nationals from seven Muslim-majority countries, since blocked by the courts, as well as nationwide raids to scoop up and deport illegal immigrants with criminal records. Yellen, however, said specific immigration policies are "for Congress and the administration to decide". (AFP)

Curbing immigration could slow down economic growth: US Federal Reserve chair

US Federal Reserve Chair Janet Yellen said that she will serve her full term despite President-elect Donald Trump&#39;s criticism of her performance in the past.

&quot;I was confirmed by the Senate to a four-year term, which ends at the end of January of 2018, and it is fully my intention to serve out that term,&quot; Yellen told lawmakers on Thursday before the Joint Economic Committee of US Congress, Xinhua news agency reported.

Yellen spoke of the importance of central bank independence in her first public remarks after Trump&#39;s election. &quot;We have really seen terrible economic outcomes in countries where central banks have been subject to political pressure,&quot; she said.

&quot;It&#39;s critically important that a central bank have the ability to make judgments about how best to pursue those goals while being accountable for explaining its decisions and transparent in its decision-making,&quot; Yellen added.

Trump had criticised Yellen during the presidential campaign for maintaining low interest rates to support President Obama and create a &quot;false&quot; economy.

He had also spoken of replacing Yellen with a Republican after her term expires in 2018.

Markets were expecting a fiscal stimulus package from the Trump administration and the Republican-dominated Congress, Yellen was reported as saying.

An increase in interest rates could &quot;become appropriate relatively soon&quot; if incoming data provide further evidence of continued progress, she said. It thus raised market expectations of a rate hike at the Fed&#39;s next policy meeting on December 13-14.

Yellen said that if the central bank delays rate hikes for too long, it could force the Fed to tighten rates abruptly and could encourage excessive risk-taking and undermine financial stability.&nbsp;

(WION with inputs from agencies)

Trump had criticised Yellen for maintaining low interest rates to support President Obama and create a 'false' economy

US Federal Reserve Chair Janet Yellen said that she will serve her full term despite President-elect Donald Trump's criticism of her performance in the past. "I was confirmed by the Senate to a four-year term, which ends at the end of January of 2018, and it is fully my intention to serve out that term," Yellen told lawmakers on Thursday before the Joint Economic Committee of US Congress, Xinhua news agency reported. Yellen spoke of the importance of central bank independence in her first public remarks after Trump's election. "We have really seen terrible economic outcomes in countries where central banks have been subject to political pressure," she said. "It's critically important that a central bank have the ability to make judgments about how best to pursue those goals while being accountable for explaining its decisions and transparent in its decision-making," Yellen added. Trump had criticised Yellen during the presidential campaign for maintaining low interest rates to support President Obama and create a "false" economy. He had also spoken of replacing Yellen with a Republican after her term expires in 2018. Markets were expecting a fiscal stimulus package from the Trump administration and the Republican-dominated Congress, Yellen was reported as saying. An increase in interest rates could "become appropriate relatively soon" if incoming data provide further evidence of continued progress, she said. It thus raised market expectations of a rate hike at the Fed's next policy meeting on December 13-14. Yellen said that if the central bank delays rate hikes for too long, it could force the Fed to tighten rates abruptly and could encourage excessive risk-taking and undermine financial stability. (WION with inputs from agencies)

US Federal Reserve chair Yellen to complete term despite Trump's criticism

The US Federal Reserve Chair Janet Yellen said on Thursday that an interest rate hike can be expected &quot;relatively soon&quot; if economic data gives further evidence of progress in the economy.&nbsp;

In November meeting, Fed policymakers judged that the case for a rate hike had strengthened but the increase will only be gradual, keeping in mind the slowly improving labour market and rising inflation.&nbsp;

The experts noted that the market conditions had improved which would push inflation toward the Fed&#39;s 2 per cent target. The lawmakers on the Federal Open Market Committee, which includes members of both the House and Senate, will now have an opportunity to question Yellen before the decision is taken.&nbsp;

Yellen said there is still room for improvement in the labour market but the Fed cannot delat raising rates for too long. Keeping rates low &quot;for too long could also encourage excessive risk-taking and ultimately undermine financial stability,&quot; she said.

(WION with inputs from agencies) 
&nbsp;

Chair Yellen said according to the Fed experts the economy appeared on track to grow moderately, allowing for a hike 'relatively soon'

The US Federal Reserve Chair Janet Yellen said on Thursday that an interest rate hike can be expected "relatively soon" if economic data gives further evidence of progress in the economy. In November meeting, Fed policymakers judged that the case for a rate hike had strengthened but the increase will only be gradual, keeping in mind the slowly improving labour market and rising inflation. The experts noted that the market conditions had improved which would push inflation toward the Fed's 2 per cent target. The lawmakers on the Federal Open Market Committee, which includes members of both the House and Senate, will now have an opportunity to question Yellen before the decision is taken. Yellen said there is still room for improvement in the labour market but the Fed cannot delat raising rates for too long. Keeping rates low "for too long could also encourage excessive risk-taking and ultimately undermine financial stability," she said. (WION with inputs from agencies)

US Federal Reserve hints at interest rate hike next month

Sluggish economic growth in the second quarter forced the Federal Reserve to keep its benchmark interest rate unchanged for the sixth straight meeting on Wednesday.&nbsp; 
 
The central bank kept its target rate for overnight lending between banks in a range of 0.25 percent to 0.50 percent.&nbsp; 
 
Fed Chair Janet Yellen said US growth was looking stronger and rate increases would be needed to keep the economy from overheating and fuelling high inflation. 
 
&quot;We judged that the case for an increase has strengthened but decided for the time being to wait,&quot; Yellen told a news conference. &quot;The economy has a little more room to run.&quot; 
 
Yellen said the Federal Open Market Committee has to thread the needle between stifling growth with a premature increase and allowing the economy, feeding on a decade of easy money, to get away from them. 
 
But the two-meeting showed deep divisions between the policymakers, with three of the 10 arguing for a rate rise now.&nbsp; 
 
While some displayed confidence the economy would continue to grow through the second half, others said they need to see more sign of strength in the economy.&nbsp; 
 
The central bank cut its 2016 growth forecast to 1.8 percent, down from 2.0 percent in June, saying there were some persistent weak signs in the economy.&nbsp; 
 
It also projected a less aggressive rise in interest rates next year and in 2018, and cut its longer-run interest rate forecast to 2.9 percent from 3.0 percent. 
 
The Fed strongly signalled it could still tighten monetary policy by the end of this year as the labour market improved further and the inflation picked up.&nbsp; 
 
Yellen said she expected one rate increase this year if the job market continued to improve and major new risks did not arise. 
 
Analysts said the Fed certainly leaned toward a December hike but nevertheless left open the possibility of not taking any rate action before 2017. 
 
The next policy meetings of the US Federal Reserve are scheduled in early November and mid-December. 
 
(WION with inputs from agencies) 
&nbsp;

US Fed Chair Janet Yellen said the US growth appeared roughly balanced and needed more strength to survive a rate hike

Sluggish economic growth in the second quarter forced the Federal Reserve to keep its benchmark interest rate unchanged for the sixth straight meeting on Wednesday. The central bank kept its target rate for overnight lending between banks in a range of 0.25 percent to 0.50 percent. Fed Chair Janet Yellen said US growth was looking stronger and rate increases would be needed to keep the economy from overheating and fuelling high inflation. "We judged that the case for an increase has strengthened but decided for the time being to wait," Yellen told a news conference. "The economy has a little more room to run." Yellen said the Federal Open Market Committee has to thread the needle between stifling growth with a premature increase and allowing the economy, feeding on a decade of easy money, to get away from them. But the two-meeting showed deep divisions between the policymakers, with three of the 10 arguing for a rate rise now. While some displayed confidence the economy would continue to grow through the second half, others said they need to see more sign of strength in the economy. The central bank cut its 2016 growth forecast to 1.8 percent, down from 2.0 percent in June, saying there were some persistent weak signs in the economy. It also projected a less aggressive rise in interest rates next year and in 2018, and cut its longer-run interest rate forecast to 2.9 percent from 3.0 percent. The Fed strongly signalled it could still tighten monetary policy by the end of this year as the labour market improved further and the inflation picked up. Yellen said she expected one rate increase this year if the job market continued to improve and major new risks did not arise. Analysts said the Fed certainly leaned toward a December hike but nevertheless left open the possibility of not taking any rate action before 2017. The next policy meetings of the US Federal Reserve are scheduled in early November and mid-December. (WION with inputs from agencies)

Federal Reserve keeps interest rates unchanged, Chair Yellen signals one hike by year end

Asia shares inched ahead while oil fell for a second session today, as investors awaited guidance on whether the Federal Reserve (Fed) will raise US interest rates this year. 
 
Morgan Stanley Capital International&#39;s (MSCI) broadest index of Asia-Pacific shares outside Japan added 0.3 per cent in slow trade. South Korea, Australia and Shanghai all gained. 
 
Japan&#39;s Nikkei went the other way and eased 0.2 per cent as the Yen held firm on the Dollar. 
 
A survey of Japanese manufacturing activity showed signs of steadying in August as output rose for the first time in six months, but had little impact on stocks. 
 
The IHS Markit/Nikkei Japan Flash PMI rose to 49.6 in August from a final 49.3 in July. More flash surveys are due from Europe and the United States later in the day. 
 
The whole world seems to have hushed ahead of comments from Fed Chair Janet Yellen at the central bank&#39;s annual meeting in Jackson Hole on Friday. Investors still doubt the stars will align for a hike anytime soon, so a hawkish tone from Yellen would challenge that equanimity. 
 
&quot;Ever so slowly, the market does seem to be reluctantly acknowledging the chorus of senior Fed speakers who have suggested recently that a 2016 rate hike is still quite probable and September is &#39;live&#39;,&quot; wrote analysts at ANZ in a note. 
 
&quot;But in reality, the response has been very muted.&quot; 
 
Indeed, US Treasuries actually rallied on Monday, with 10-year yields at 1.54 per cent after falling 4 basis points overnight. 
 
Fed fund futures imply around a 24 per cent chance of an easing in September, rising to around 50 per cent by December. 
 
A quarter-point hike is not fully priced until September 2017. 
 
Oil gives ground 
 
In commodity markets, oil remained under pressure after shedding 3 per cent on Monday. 
 
Prices retreated from two-month highs on worries about burgeoning Chinese fuel exports, more Iraqi and Nigerian crude shipments and a rising US oil rig count. 
 
Brent crude lost 53 Cents to $48.63 a barrel. It hit a two-month high of $51.22 on Friday. US crude futures fell 66 Cents to $46.75, after the September contract expired on Monday at $47.05. 
 
On Wall Street, the Dow jones Industrial Average (Dow) had ended Monday down 0.12 per cent, while the Standard and Poor&#39;s (S&amp;P) 500 lost 0.06 per cent and the National Association of Securities Dealers Automated Quotations (Nasdaq) added 0.12 per cent. 
 
Biotech stocks received a boost from Pfizer&#39;s $14 billion acquisition of cancer drug maker Medivation, which jumped nearly 20 per cent. 
 
Of the 479 companies in the S&amp;P 500 that have reported earnings, 71 per cent have topped expectations, according to Thomson Reuters data. Earnings are currently showing a decline of 2.3 per cent for the quarter. 
 
In forex markets, the Dollar slipped a touch to 94.466 against a basket of currencies. The index fell about 1.3 per cent last week on what traders perceived as mixed signals from Fed officials. 
 
The Dollar drifted as low as 100.03 Yen in early trade but found enough support to clamber back to 100.27. The Euro was a shade firmer at $1.1332. 
 
The New Zealand Dollar blipped higher after the country&#39;s central bank forecast another 35 basis points in possible rate cuts, less than many investors had wagered on. 
 
The kiwi Dollar rose around a third of a Cent to $0.7310 in reaction. 
 
(Reuters)

Investors await guidance on whether the Federal Reserve will raise US interest rates this year

Asia shares inched ahead while oil fell for a second session today, as investors awaited guidance on whether the Federal Reserve (Fed) will raise US interest rates this year. Morgan Stanley Capital International's (MSCI) broadest index of Asia-Pacific shares outside Japan added 0.3 per cent in slow trade. South Korea, Australia and Shanghai all gained. Japan's Nikkei went the other way and eased 0.2 per cent as the Yen held firm on the Dollar. A survey of Japanese manufacturing activity showed signs of steadying in August as output rose for the first time in six months, but had little impact on stocks. The IHS Markit/Nikkei Japan Flash PMI rose to 49.6 in August from a final 49.3 in July. More flash surveys are due from Europe and the United States later in the day. The whole world seems to have hushed ahead of comments from Fed Chair Janet Yellen at the central bank's annual meeting in Jackson Hole on Friday. Investors still doubt the stars will align for a hike anytime soon, so a hawkish tone from Yellen would challenge that equanimity. "Ever so slowly, the market does seem to be reluctantly acknowledging the chorus of senior Fed speakers who have suggested recently that a 2016 rate hike is still quite probable and September is 'live'," wrote analysts at ANZ in a note. "But in reality, the response has been very muted." Indeed, US Treasuries actually rallied on Monday, with 10-year yields at 1.54 per cent after falling 4 basis points overnight. Fed fund futures imply around a 24 per cent chance of an easing in September, rising to around 50 per cent by December. A quarter-point hike is not fully priced until September 2017. Oil gives ground In commodity markets, oil remained under pressure after shedding 3 per cent on Monday. Prices retreated from two-month highs on worries about burgeoning Chinese fuel exports, more Iraqi and Nigerian crude shipments and a rising US oil rig count. Brent crude lost 53 Cents to $48.63 a barrel. It hit a two-month high of $51.22 on Friday. US crude futures fell 66 Cents to $46.75, after the September contract expired on Monday at $47.05. On Wall Street, the Dow jones Industrial Average (Dow) had ended Monday down 0.12 per cent, while the Standard and Poor's (S&P) 500 lost 0.06 per cent and the National Association of Securities Dealers Automated Quotations (Nasdaq) added 0.12 per cent. Biotech stocks received a boost from Pfizer's $14 billion acquisition of cancer drug maker Medivation, which jumped nearly 20 per cent. Of the 479 companies in the S&P 500 that have reported earnings, 71 per cent have topped expectations, according to Thomson Reuters data. Earnings are currently showing a decline of 2.3 per cent for the quarter. In forex markets, the Dollar slipped a touch to 94.466 against a basket of currencies. The index fell about 1.3 per cent last week on what traders perceived as mixed signals from Fed officials. The Dollar drifted as low as 100.03 Yen in early trade but found enough support to clamber back to 100.27. The Euro was a shade firmer at $1.1332. The New Zealand Dollar blipped higher after the country's central bank forecast another 35 basis points in possible rate cuts, less than many investors had wagered on. The kiwi Dollar rose around a third of a Cent to $0.7310 in reaction. (Reuters)

Asia shares inch ahead, oil falls

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