Asian stock markets are trading mostly higher on Wednesday, following the broadly positive cues overnight from Wall Street, as investor sentiment was boosted on US Fed chair Jerome Powell ruling out aggressive interest rate hikes, as feared earlier, after the 50 basis points hike announced. Asian Markets closed mostly lower on Wednesday.
As widely expected, the Fed hiked interest rates by 50 basis points and said another couple of similar hikes are likely after the upcoming meetings. However, Powell added that the central bank does not plan to raise interest rates as aggressively, as some had feared, in an effort to return elevated inflation to its 2 percent objective.
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