PV Desk :  Asian markets mostly rose Monday, building on last week’s rally with traders buoyed by the knowledge that US borrowing costs will remain at ultra-low levels for the foreseeable future.

The US central bank’s pledge of trillions of dollars in support to keep financial markets going has been key to a surge in equities from their March troughs, with the tech-rich Nasdaq almost doubling in that time as people stay home.

And boss Jerome Powell’s speech Thursday, marking a shift in the Fed’s inflation policy, hammered home that promise, helping fire the S&P 500 and Nasdaq to more record highs. The Dow also advanced to erase all its losses for the year to date.

“With a low, neutral Fed funds rate, a de-emphasis of inflation overshoots and a focus on employment, monetary policy will be highly stimulative for a long, long time. Indeed, music to the stock market’s ears,” said Stephen Innes at AxiCorp.

He said during the financial crisis, the bank began cutting interest rates in mid-2007 and did not lift them until more than eight years later, and it could take just as long to see them lifted again.

Edited By-SPT