Asian stocks tumbled on Thursday after the U.S. Federal Reserve warned that interest rates would stay higher for longer to combat stubborn inflation.
The Fed's hawkish tone on inflation and interest rates indicated that the U.S. central bank might not cut interest rates next year by as much as was earlier thought.
Higher U.S. Treasury yields contributed to the dollar's strength and kept gold prices under pressure in Asian trading.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.