HONG KONG , (DNA) – Asian markets rallied on Monday following a record lead from Wall Street, while the dollar remained under pressure after the head of the Federal Reserve suggested it would not speed up its pace of lifting interest rates.

Jerome Powell said the US economy was healthy and prices showed no sign of rising more than the bank’s two percent target, adding that there appeared to be no risk of overheating.

The remarks at the annual Jackson Hole bankers’ symposium in Wyoming on Friday were taken by observers as an indication the Fed will stick to its gradual increases in borrowing costs, which weighed on the dollar but provided a boost to equities.

The S&P 500 and Nasdaq closed at fresh records, while the dollar dropped across the board, with Asian traders extending that trend on Monday.