Asian markets drop as traders eye higher-for-longer Fed rates

ASIAN markets fell today on the prospect of more interest rate hikes after two Federal Reserve officials hinted at ramping up its monetary tightening campaign in the face of stubbornly high inflation.

Data showing the US wholesale price index eased slightly last month but rose more than forecast, reinforcing the view that the central bank still had much more work to do to defeat inflation – even after almost a year of lifting borrowing costs.