Shanghai and Hong Kong advanced while Seoul and Sydney declined. Japanese markets were closed for a holiday.Wall Street's benchmark S&P 500 index fell 0.7% on Wednesday after the Fed announced a 0.25 percentage point increase in its lending rate. The Fed dropped a reference to "additional policy firming" in its statement but stopped short of declaring an end to rate hikes.
On Wall Street, the S&P 500 fell to 4,090.75. The Dow Jones Industrial Average lost 0.8% to 33,414.24 and the Nasdaq composite slipped 0.5% to 12,025.33. Traders expect the Fed to start cutting rates as early as this year to prop up weakening economic growth.Traders worry industry turmoil might prompt banks to reduce lending, worsening downward pressure on economic activity. Powell mentioned a survey that is yet to be released and will show how much loan officers at banks say they are tightening lending standards.
The banks are also exposed to low-interest loans that are now worth less on the open market due to the fact they were underwritten when interest rates were substantially lower.
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