Asian shares slip ahead of Fed interest rate decision
ABC News
Shares are mostly lower in Asia, with markets in China, Japan and some other markets still closed for holidays
Shares were mostly lower in Asia on Wednesday as investors waited for Wednesday’s decision by the Federal Reserve on interest rates.
Hong Kong, Seoul, Mumbai and Sydney declined while many other markets were closed for holidays.
The Fed monetary policy committee is expected to raise its benchmark rate by twice the usual amount this week as it steps up its fight against inflation, which is at a four-decade high. It has already raised its key overnight rate once, the first such increase since 2018, and Wall Street is expecting several big increases over the coming months.
“All eyes are peering toward the FOMC meeting and a rate hike is an absolute given," Clifford Bennett, chief economist at ACY Securities, said in a commentary.
