Asian stocks follow Wall St down amid US interest rate fears

Asian stock markets are lower after the Federal Reserve indicated it might raise interest rates more aggressively to cool U.S. inflation

BEIJING -- Asian stock markets followed Wall Street lower Monday after the Federal Reserve indicated it might raise interest rates more aggressively to cool U.S. inflation.

Shanghai, Tokyo, Hong Kong and South Korea all declined. Oil fell more than $2 per barrel amid concerns global economic growth might weaken.

Investors are uneasy about possible downward pressure on economic activity from higher interest rates, Russia's war on Ukraine and China's efforts to contain coronavirus outbreaks.

Wall Street's benchmark S&P 500 lost 0.3% on Friday after Fed officials indicated in notes from their last meeting they were considering raising its benchmark rate by double the normal amount at upcoming meetings. They also indicated they are likely to shrink the Fed's bond holdings, which also might push up commercial borrowing rates.