Stock market today: Asian shares track Wall Street's slump after Fed says rates may stay high in '24

“Moving forward, traders will scrutinize every piece of data from the US, with a particular emphasis on inflationary indicators, to gauge the potential for prolonged high rates,” Anderson Alves of ActivTrades said in a commentary.

New Zealand’s benchmark stock index fell less than 0.1%. Figures released Thursday by Statistics New Zealand indicated the economy expanded at a 3.2% annual pace in the April-June quarter. In quarterly terms, GDP rose by 0.9% . Finance Minister Grant Robertson said the economy was turning a corner and growing at twice the rate predicted by economists.

Fed officials suggested they may cut rates in 2024 by only half a percentage point from where they’re expected to end this year. That’s less than the full percentage point of cuts they were penciling in as of June. The two-year Treasury yield, which more closely tracks expectations for Fed action, jumped to 5.18% from 5.04% shortly before the Fed’s announcement.

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