Global equities and bond prices rose sharply yesterday after the withdrawal of Lawrence Summers from the contest to lead the Federal Reserve as investors bet on interest rates remaining low for longer.
The rally was attributed to the perception that Mr Summers, a former Treasury Secretary, was more hawkish on monetary policy than his principal rivals for the post, including the new presumed frontrunner, Janet Yellen, the current vice-chair of the Fed.
The market rally came ahead of this week’s meeting of the Federal Open Market Committee, which is being watched closely for indications that the Fed will begin to cut, or “taper”, its $85bn monthly bond buying programme.
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