Asian markets rise with Wall St on lower rate hopes

AFP :
Asian markets on Friday tracked a Wall Street rally after a top Federal Reserve official said he would back a small interest-rate hike at its next meeting but hinted at a possible summer pause to see how tighter policy has impacted inflation.
A strong run of data sent chills through trading floors in February — wiping out almost all January’s rally — as investors realised the US central bank had more work to do to control prices.
The unease largely overshadowed optimism about China’s recovery after officials ended three years of strict zero-Covid containment measures that battered the world’s number two economy.
Several Fed policymakers have lined up this year to insist that while inflation is coming down, they remain determined to keep hiking rates until they hit their two percent target.
The latest indicators have led investors to bet on rates hitting a peak of 5.5 percent, though six percent has also been mooted, putting further downward pressure on equities.
However, while talk has been swirling that the central bank could hike rates by 50 basis points at its March meeting, traders were given some much-needed hope by Atlanta Fed chief Raphael Bostic, who said he favoured a 25-point move. He also questioned whether it should go much higher than 5.25 percent from the current 4.5-4.75 percent.