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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