HONG KONG: Asian markets rose Friday after a Wall Street rally ahead of a speech by Federal Reserve boss Jerome Powell that is expected to reiterate his plan to ramp up interest rates to fight inflation.
Global equities have staggered in recent weeks after a near two-month rally from their June lows as a string of Fed officials lined up to reaffirm their commitment to tighten monetary policy, despite some promising economic data. Most expect him to confirm that more hikes are on the way as officials try to bring inflation down from painful highs not seen in four decades.
The key issue now is how much the bank will tighten over the coming months, with expectations for a half-point lift next month, after two three-quarter moves in June and July.
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