Asian stock markets are trading mostly lower on Thursday, following the broadly negative cues from Wall Street overnight, after the US Fed raised interest rates by another three-quarter of a percentage point to their highest level since early 2008 and signaled further aggressive rate hikes for the remainder of the year. Asian Markets closed mostly lower on Wednesday.
With inflation remaining elevated, the Fed also said it expects that ongoing interest rate increases will be appropriate. Fed officials expect to increase rates to 4.6 percent by the end of 2023 before eventually scaling back rates in 2024 and 2025.
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