Asian shares are lower, tracking a slump on Wall Street after the Federal Reserve said it may not cut interest rates next year by as much as it earlier thought.U.S. stocks slumped Wednesday after the Federal Reserve said it may not cut interest rates next year by as much as it earlier thought, regardless of how much Wall Street wants it.steady at its highest level in more than two decades, as was expected.
Tokyo's Nikkei 225 was off 1.4% at 32,571.03, while in Seoul the Kospi shed 1.6% to 2,517.80. Australia's S&P/ASX 200 slipped 1.3% to 7,069.90.gained 0.2% Thursday after it announced that a 2 trillion yen tender offer for the troubled electronics and energy giant by a Japanese consortium has been completed, clearing the way for it to be delisted.
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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