Asian stock markets followed Wall Street lower Thursday after the Federal Reserve indicated it might ease off economic stimulus earlier than previously thought.
Tokyo, Hong Kong and Seoul fell while Shanghai gained after the U.S. monetary-policy makers, who previously forecast no interest rate hikes before 2024, estimated their benchmark rate would be raised twice by late 2023. The Fed also indicated it sees the U.S. economy improving faster than expected.
“The Fed may have delivered a more hawkish message for markets than many would have expected,” Yeap Jun Rong of IG said in a report. Still, Yeap said, differing views among board members suggests “much will still depend on how the economic recovery will play out.” The Fed’s announcement Wednesday reflected growing confidence in the U.S. economy as more people are vaccinated against the coronavirus and business activity revives.
On Wall Street, the S&P 500 fell to 4,223.70, while the Dow Jones Industrial Average DJIA, -0.77% lost 0.8% to 34,033.67. The Nasdaq Composite COMP, -0.24% shed 0.2%, to 14,039.68.
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