Most stocks rise as Fed hikes and indicates drive to curb inflation
Equity markets across Asia were mostly higher in early trade as Tokyo, Seoul, Singapore, Taipei, Wellington and Jakarta all advanced.
Most stocks rose on Thursday as the Federal Reserve increased interest rates for the first time in three years and indicated a continued effort to curb inflation. The move was unanimously decided by the Fed officials, with Kevin Warsh, the Fed's vice chairman, warning of the need to maintain high financial and credit conditions consistent with their ultimate objectives of price stability.
The announcement came after oil supplies from Saudi Arabia were expected to recover, helping to alleviate concerns over potential supply disruptions. Despite the positive market reaction, analysts cautioned that the chances of the U.S. Federal Reserve returning to interest rates above 5% were still limited, suggesting that further tightening of monetary policy may not be imminent.
Written by urgent.news from CNA - Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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