Asian stock markets are trading mostly in the red on Wednesday, following the broadly negative cues from global markets overnight, as traders remain concerned about the outlook for U.S. interest rates amid a sharp increase by U.S. treasury yields. Recent economic data has also led to worries the US Fed may raise rates higher than expected and keep them elevated for an extended period. Asian markets closed mostly higher on Tuesday.
Traders also await the Fed's release of the minutes of its latest monetary policy meeting, which could shed some light on the outlook for interest rates.
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