Asian stocks retreat on lack of new U.S. Federal Reserve action

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Asian stock markets declined Thursday after the U.S. Federal Reserve indicated its benchmark interest rate will stay close to zero at least through 2023 but announced no additional stimulus plans.

Wall Street's benchmark S&P 500 index closed down 0.5% after the Fed said it won't raise interest rates until inflation reaches 2%, which the U.S. central bank's own projections show it doesn't expect until late 2023.

The Shanghai Composite Index lost 0.6% to 3,265.35 and the Nikkei 225 in Tokyo sank 0.7% to 23,313.36. The Hang Seng in Hong Kong retreated 1.1% to 24,454.63. U.S. investors are counting on Congress for a new support package after additional unemployment benefits that help to support consumer spending expired, but legislators are deadlocked on its possible size.

 

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