Asian shares mixed after Fed hints rate hikes may end soon

Asian shares are mixed after the Federal Reserve raised a key interest rate, while noting the end may be near for its economy-crunching rate hikes. The Fed raised its key overnight rate by a quarter of a percentage point, the same size as its last increase, in its campaign to drive down inflation. That effort has been complicated by turmoil in the banking sector, with investors worried that more banks might fail after Silicon Valley Bank’s recent collapse. Benchmarks fell in Tokyo and Sydney but rose in Hong Kong and Shanghai. On Wednesday, the S&P 500 fell 1.6% for its first drop in three days.