Mixed trading day as Asia takes in news of rate hike

US Federal Reserve chairman Jerome Powell speaking at a news conference following the Federal Open Market Committee meeting in Washington on Wednesday. He said the central bank was staying on a path of gradual rate increases but needed to be on guard
US Federal Reserve chairman Jerome Powell speaking at a news conference following the Federal Open Market Committee meeting in Washington on Wednesday. He said the central bank was staying on a path of gradual rate increases but needed to be on guard against inflation.PHOTO: BLOOMBERG

Main surprise is Fed's signal for 3 increases rather than 4 this year

Asian stocks ended mostly mixed as investors digested the implications of a widely expected rate hike from the Federal Reserve.

The US central bank raised interest rates on Wednesday and forecast at least two more hikes for the year, highlighting its growing confidence that tax cuts and government spending will boost the economy and inflation.

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A version of this article appeared in the print edition of The Straits Times on March 23, 2018, with the headline 'Mixed trading day as Asia takes in news of rate hike'. Print Edition | Subscribe