Asian stock markets is trading mostly lower on Monday, following the broadly negative cues from Wall Street on Friday, as worries about inflation, higher interest rates and economic slowdown weighed on the market after the US Fed forecast another rate hike before the end of the year and indicated they may leave rates higher for longer than previously anticipated through 2024. Asian markets closed mixed on Friday.
The world's major central banks also provided more hawkish rhetoric and are also expected to keep interest rates higher for longer to cool price growth.
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