Asian stocks follow Wall St down amid US interest rate fears

By JOE McDONALD
AP Business Writer

BEIJING (AP) — Asian stock markets are lower after the Federal Reserve indicated it might raise interest rates more aggressively to cool U.S. inflation. Shanghai, Tokyo, Hong Kong and South Korea declined. Oil fell more than $2 per barrel amid concerns global economic growth might weaken. Investors are uneasy about possible downward pressure on economic activity from higher interest rates, Russia’s war on Ukraine and China’s efforts to contain coronavirus outbreaks. Wall Street’s benchmark S&P 500 lost 0.3% after Fed officials indicated in notes from their last meeting they were considering raising its benchmark rate by double the normal amount. They also indicated they are likely to shrink Fed bond holdings, which also might push up commercial borrowing rates.