Asian shares tracked a retreat on Wall Street after details from last month’s Federal Reserve meeting showed the central bank plans to be aggressive in fighting inflation. The Fed comments added to investor unease over the war in Ukraine, coronavirus outbreaks in China and persistent high inflation. That’s more than some investors expected and nearly double the pace the last time the Fed shrank its balance sheet. At the meeting, the Fed raised its benchmark short-term rate by a quarter percentage point, the first increase in three years. U.S. benchmark crude oil prices fell 5.6% Wednesday, but are more than 30% higher for the year.

Source: Forbes April 07, 2022 09:45 UTC