Stocks in Asia traded mixed Thursday after the Federal Reserve struck a hawkish tone in its latest policy statement and China reported softer-than-anticipated economic indicators for May.
The MSCI Asia Pacific Index fell 0.5 percent as of 11:07 a.m. Tokyo time. Kospi index declined 1.3 percent. Australia’s S&P/ASX 200 Index rose less than 0.05 percent.
Fed Chairman Jerome Powell told reporters that unemployment and inflation are both low, and that raising rates too slowly or quickly could be harmful. He added that the bank won’t over-react to inflation levels above 2 percent. Powell also announced he would hold press conferences at every Fed meeting starting in January.