Asian markets fall as hot U.S. inflation reading could push Fed toward more big rate hikes

On Thursday, Asian stock markets fell along with Wall Street as the Federal Reserve announced yet another significant interest rate hike to tame soaring inflation and increased its forecast for more.

Sydney, Shanghai, Tokyo, and Hong Kong all said no. Oil costs increased.

After the Fed increased its benchmark lending rate by 0.75 percentage points, three times its normal margin

on Wednesday, Wall Street's benchmark S&P 500 index dropped 1.7% to its lowest point in two months.

The Fed stated that it anticipates that rate to increase by a full percentage point from where it was three months ago by the end of the year.

According to a report by Anna Stupnytska of Fidelity International, "The Fed still managed to out-hawk the markets." 


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