Global stocks edge higher after Fed officials say inflation will be temporary, while bitcoin tops $40,000

Global stocks edge higher after Fed officials say inflation will be temporary, while bitcoin tops $40,000

Global stocks rose on Wednesday, after dovish remarks made by Federal Reserve officials helped soothe some of the investor concern about rising inflation. Futures on the , , and rose 0.3%, suggesting a modestly higher start to trading later in the day. Fed Vice Chair Richard Clarida said on Tuesday it would be possible to the pace of asset purchases, and that pricing pressure will prove to be "largely transitory." He also said macro data is likely to remain volatile, citing the that "really highlights a fair amount of near-term uncertainty about the labor market." San Francisco Fed Bank President Mary Daly on Tuesday economic progress looks encouraging, but it isn't yet time to change policy. "What we've seen is some really bright spots, some very encouraging news," she said. "It gives me hope, and I am bullish for the future. But it's too early to say that the job is done." rose above $40,000, as the cryptocurrency market regained some ground after last week's broad sell-off. Ethereum's rose 8% to $2,843 and rose 2% to 35 cents. After recording their first weekly advance in five weeks, US tech shares were outperforming again. But UBS doesn't expect the shift back