Asian stock markets are mostly lower on Wednesday, following the broadly negative cues from global markets overnight, ahead of the US Fed's interest rate decision as well as the anticipated hawkish accompanying statement by Fed Chair Jerome Powell later in the day. The Fed is widely expected to raise interest rates by another 75 basis points, although some see an outside chance for a 100-point rate hike after hotter-than-expected U.S. inflation data last week. Asian Markets closed mostly higher on Tuesday.
CME Group's FedWatch Tool is currently indicating an 84.0 percent chance of a 75 basis points rate hike and a 16.0 percent chance of a 100 basis point rate hike.
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