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Asian markets fall after US Fed warns of more rate hikes ahead
Markets pricing in 75 basis point rise in Sept and possibly another increase later by 50 basis points
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Asian markets fell yesterday in sympathy with Wall Street's Friday plunge following stern warnings from the United States Federal Reserve that it would continue to aggressively raise interest rates to fight inflation, even if it means job losses and an economic downturn.
The Straits Times Index gapped down by more than 1 per cent at the opening as blue chips came under selling pressure. The Singapore benchmark ended the session at 3,222.26, down 27.27 points, or 0.84 per cent.
