Stock market today: Asian shares are mixed after central bankers say interest rates must stay high

Asian stock markets are mixed after leaders of major central banks said they need to keep interest rates high to fight persistent inflation despite fears that might tip the global economy into recession. Shanghai, Hong Kong and Seoul retreated while Tokyo and Sydney advanced. Oil prices declined. U.S., European and Japanese central bankers meeting in Portugal said that with hiring still strong in major economies, they have yet to extinguish upward pressure on prices. Federal Reserve Chair Jerome Powell said, “Policy hasn’t been restrictive enough for long enough." Investors expect at least a brief recession this year after the Fed and central banks in Europe and Asia raised interest rates.