Dovish Fed boosts markets

European markets climbed this morning following the release of a dovish statement from the Federal Reserve about the growth outlook for the world's largest economy.

New projections from the Fed suggested rates may rise more in 2015 and 2016 than it had previously forecast, although officials lowered their long-term rate target. The Fed also sounded comfortable with the inflation outlook despite recent signs of a pick-up in price pressure, and said economic activity had "rebounded in recent months". As expected the Fed also cut its monthly asset buying programme by an additional $10bn to $35bn. While there was little change to the consensus, Fed chair Janet Yellen's accommodating stance provided investors with confidence, lifting shares. Asi...