Asian stocks down after Fed says ready to act on inflation

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Asian stock markets are lower after Federal Reserve officials indicated they were ready to raise interest rates sooner than expected if needed to cool inflation. Market benchmarks in Shanghai, Hong Kong, Seoul and Sydney declined. Tokyo advanced. Wall Street’s benchmark S&P 500 index gained 0.2% before markets closed for a U.S. holiday. Fed officials at their October policy meeting discussed how they “would not hesitate” to respond to inflation pressures, according to notes released by the central bank. That fueled investor fears the Fed and other central banks might feel pressure to withdraw economic stimulus that has been boosting stock prices.