Following the broadly negative cues from Wall Street overnight, Asian stock markets are trading mostly lower on Thursday, amid fading hopes of an interest rate cut anytime soon by the US Fed after latest data showed a bigger than expected increase in U.S. consumer price inflation in March. The inflation data also caused a surge in treasury yields. Asian Markets closed mixed on Wednesday.
Fed officials have repeatedly said they need greater confidence inflation is slowing before they consider cutting rates. Following the release of the data, the chances of a rate cut in June have plunged to just 16.5 percent, according to CME Group's FedWatch Tool.
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