Asia stocks rise after Fed chair downplays bigger rate hike

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Asian stock markets followed Wall Street higher on Thursday after the Federal Reserve chairman downplayed the likelihood of bigger rate hikes following the U.S. central bank's biggest increase in two decades.

Shanghai, Hong Kong, Australia and Southeast Asian markets advanced. Markets in Japan and South Korea were closed for holidays.

The Shanghai Composite Index gained 0.7% to 3,068.10 and Hong Kong's Hang Seng rose 0.4% to 20,949.22.The Fed raised its key rate to a range of 0.75% to 1%, the highest point since the coronavirus pandemic struck two years ago. The Fed announced details of how it will start reducing its holdings of Treasury debt and mortgage-backed securities. The central bank has been buying bonds to pump money into the financial system and push down long-term interest rates.“The economy is strong and well positioned to handle tighter monetary policy,” Powell said. “It’s not going to be easy.”

 

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