Stock market today: Asian markets higher after US rate hike

Asian stock markets are mostly higher after the Federal Reserve raised its benchmark lending rate again to cool inflation and said it isn’t sure what may come next. Shanghai and Hong Kong advanced while Seoul and Sydney declined. Japanese markets were closed for a holiday. Wall Street’s benchmark S&P 500 index fell 0.7% after the Fed announced a 0.25 percentage point increase in its lending rate. The Fed’s statement dropped a reference to “additional policy firming” but stopped short of declaring an end to rate hikes. Traders expect a U.S. recession this year as the Fed and other central banks in Europe and Asia try to extinguish inflation that was near multi-decade highs.