In Asian Equity Markets stocks rose on Thursday, while longer-dated U.S. government bond yields fell and the dollar was down from two-decade highs after the U.S. Federal Reserve delivered an aggressive rate hike and cut its growth projections. MSCI’s broadest index of Asia-Pacific shares outside Japan tracked a higher close on Wall Street, adding 0.40 percent in the morning session. Seoul’s KOSPI added 1.24 percent, while Australian shares rose 0.49 percent and Chinese blue-chips added 0.12 percent. In Tokyo, the Nikkei was up 1.70 percent.

In Currency Markets the dollar found some footing in Asia on Thursday as initial relief that the Federal Reserve did not go further than expected in hiking rates began to fade in the face of an aggressive outlook. It last bought a euro at $1.0440 and drew support from U.S. Treasury yields, which fell sharply on Wednesday, but began ticking higher again on Thursday. The dollar rose 0.4 percent to 134.25 yen as the Fed’s hike path is in stark contrast to the Bank of Japan’s determination to pin Japanese interest rates near zero. The dollar index traded at 104.96.

In US Equity Markets stocks rallied on Wednesday to snap a five-session losing skid after a policy announcement by the Fed that raised interest rates to market expectations as the central bank seeks to fight rising inflation without sparking a recession. The Dow rose 1 percent, to 30,668.53, the S&P 500 gained 1.46 percent, to 3,789.99 and the Nasdaq Composite added 2.5 percent, to 11,099.16. Citigroup rose 3.52 percent as one of the best performers on the S&P 500 banks index which gained 1.60 percent. Nucor Corp advanced 2.41 percent after it forecast upbeat current-quarter profit on strong steel demand.

In Commodities Markets oil prices fell more than $3 on Wednesday as markets worried about a fall in demand after the Federal Reserve hiked interest rate by three-quarters of a percentage point. Brent crude futures for August settled down 2.2 percent, at $118.51 a barrel, having fallen as low as $117.75. U.S. West Texas Intermediate crude for July fell 3.04 percent, to $115.31 a barrel. Spot gold rose 1.4 percent to $1,833.42 per ounce. Spot silver rose 2.9 percent to $21.69 per ounce, while platinum was up 2.2 percent at $940.79. Palladium rose 2.6 percent to $1,862.33 per ounce.

In European Equity Markets stocks snapped their six-day losing streak on Wednesday after the European Central Bank (ECB) announced measures to temper a bond market rout, even as some investors looking for a more decisive action were disappointed. An index of euro zone shares gained 1.6 percent, bouncing off lows hit after the statement. Euro zone banks climbed 2.5 percent, but were off highs hit earlier in the session. H&M, the world’s second biggest fashion retailer, fell 6.5 percent despite posting a bigger-than-expected rise in quarterly sales.

In Bond Markets U.S. Treasury yields fell on Wednesday after the Federal Reserve raised its target interest rate by three-quarters of a percentage point, meeting market expectations that have rapidly ratcheted higher following a stronger-than-expected inflation reading on Friday. Two-year Treasury yields, which are highly sensitive to interest rate moves, fell to 3.237 percent, after reaching 3.456 percent on Tuesday, which was the highest since Nov. 2007. Benchmark 10-year yields fell to 3.347 percent, after hitting 3.498 percent on Tuesday, the highest since April 2011.