Asian equities drifted lower on Wednesday ahead of a crucial U.S. inflation report that will likely influence how soon the Federal Reserve will end its aggressive rate hikes, with markets betting on at least one more at next month's policy meeting.
was 0.17% lower in choppy trading, set to snap its three day winning streak.
The consumer price index is expected to show core inflation rose 0.4% on a monthly basis and 5.6% year-over-year in March, according to a Reuters poll of economists. Markets are now pricing in a 66% chance of the Fed raising interest rates by 25 basis points in May and then pausing for the subsequent meetings, according to the CME FedWatch tool.he feels the U.S. central bank may soon be done raising interest rates, but reiterated the desire to bring inflation back to its 2% target.
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