Asia markets eyed a higher open with investors eying a key policy decision by the U.S. Federal Reserve.
Asia-Pacific markets opened higher ahead of a policy decision from the U.S. Federal Reserve, as investors monitored a slew of manufacturing data.
U.S. stocks closed higher on Tuesday, regaining some ground at the end of a dismal month that was defined by surging interest rates. The hedge fund manager names two asset classes as well as one theme in the equities market that he is positive on right now. "This is one of my favorite names in years," Philip Blancato, CEO of Ladenburg Thalmann Asset Management, told CNBC.
The strategist said that the lagged effects of the Federal Reserve's interest rate hikes will be more dramatic than traders are currently expecting, and urged investors to hold cash and move into more resilient parts of the market. He favors utilities and health care, as well as dividend aristocrats.
The Federal Reserve will likely face a"bumpy path" to its 2% inflation target, even if it decides to keep rates steady at its November meeting, according to Joe Davis, chief global economist at Vanguard.
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