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Asia Markets: Asian markets extend rally after Yellen’s dovish comments

Global equities extended their rally in Asia on Thursday, as dovish comments from Federal Reserve Chairwoman Janet Yellen improved risk-taking appetite.

In her testimony on Capitol Hill, Yellen signaled that the Fed would take a cautious approach to tightening policy in the face of an uncertain inflation outlook.

She said the Fed would continue to raise interest rates gradually, though it would change plans if inflation weakness persisted.

Yellen’s congressional testimony likely indicates the Fed won’t raise rates in September, said Kathy Lien, managing director for forex strategy at BK Asset Management.

“Everything hinges on inflation, which is the key uncertainty and right now it is running below their goal, having declined recently,” Lien said.

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