Asian stock markets are trading mostly lower on Wednesday, following the broadly negative cues from global markets overnight, as traders cashed in on recent strength in the markets ahead of the US Federal Reserve's monetary policy announcement later in the day. Concerns about the US reaching an agreement on raising the U.S. debt ceiling is also hurting sentiment. Asian markets closed mixed on Tuesday.
U.S. Treasury Secretary Janet Yellen has warned the Treasury might run out of money to cover obligations by June 1. The cost of insuring against a U.S. default hit fresh highs after Yellen said the government will be unlikely to meet all payment obligations by "early June."
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