Asian stock markets are mostly lower on Friday, following the broadly negative cues from global markets overnight, as traders react to interest rate hikes by the Bank of England, the Norges Bank and the Swiss National Bank as well as inflation concerns that triggered growth worries. US Fed Chair Jerome Powell also reiterated plans to continue raising interest rates during his second day of testimony on Capitol Hill. Asian markets ended mixed on Thursday.
Powell made it clear that inflationary pressures continue to run high and the fight against inflation has "a long way to go." CME Group's FedWatch Tool currently indicates a 74.4% chance the Fed will raise rates by another quarter point following its next meeting in late July.
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