Asian markets are mostly rising even as the Fed forecasts further rate hikes to deal with inflation.
Asia-Pacific markets rose massively after Fed Chairman Jerome Powell predicted further rate hikes this year and said inflation “has a long way to go” to pull inflation back to 2 percent.
“Almost all FOMC participants think it would be appropriate to raise interest rates a little more by the end of the year,” Powell said in a speech prepared to testify before the House Financial Services Committee.
In Japan, Nikkei 225 climbed 0.19 percent, extending Wednesday’s gains, while Topix rose 0.66 percent.
South Korea’s Kospi rose 0.2 percent and Kosdaq 0.25 percent, while Australia’s S&P/ASX 200 slumped 0.65 percent, extending Wednesday’s losses.
Elsewhere, markets in Hong Kong and mainland China and Taiwan were closed for a holiday on Thursday.
In addition, crypto prices have also surged in the past 24 hours, with bitcoin breaking above $30,000 for the first time since April 26. Ether nearly rallied to $1,900, its highest level since June 4th.