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Stock market today: Asian shares track Wall Street's slump after Fed says rates may stay high in '24

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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.

“Moving forward, traders will scrutinize every piece of data from the US, with a particular emphasis on inflationary indicators, to gauge the potential for prolonged high rates,” Anderson Alves of ActivTrades said in a commentary.

New Zealand’s benchmark stock index fell less than 0.1%. Figures released Thursday by Statistics New Zealand indicated the economy expanded at a 3.2% annual pace in the April-June quarter. In quarterly terms, GDP rose by 0.9% . Finance Minister Grant Robertson said the economy was turning a corner and growing at twice the rate predicted by economists.

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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