Asian stocks declined on Thursday after U.S. Federal Reserve officials announced another big rate hike and reiterated their support for further interest rate hikes to curb rampant inflation.
The U.S. central bank now sees its benchmark interest rate reaching 4.4 percent by end of 2022 and rising even further in 2023 despite growing headwinds to economic growth and the labor market.
Fears over China's slowdown and Russia's warning to escalate the war in Ukraine also spooked markets.
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Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.