Federal Reserve Chairman Jerome Powell said that high inflation is a “serious threat” to the economic recovery in the United States and that the Fed will do what is necessary to stop inflation.

Global stock markets rose after Fed Chairman Powell announced that they would rein in inflation to ensure the continuation of the recovery in the economy. Thus, the S&P 500 closed positive for the first time after a continuous 5-day decline.

US futures indexes continue to rise as of this morning.

There is a similar picture in Asia. Hang Seng diverged positively after purchases in Chinese technology stocks traded in the US markets.

US bonds rallied after a successful 3-year bond issue. While the US 10-year bond yield declined to 1.7350 percent, the yield curve flattened.

Commodity-related currencies appreciated after the nearly 4% rise in oil prices yesterday. The two-day gain of the Australian dollar is close to 0.7 percent.