{"id":65687,"date":"2023-09-21T16:44:12","date_gmt":"2023-09-21T06:44:12","guid":{"rendered":"https:\/\/www.icmarkets.com\/blog\/?p=65687"},"modified":"2025-11-11T15:25:04","modified_gmt":"2025-11-11T04:25:04","slug":"thursday-21st-september-2023-asia-pacific-markets-react-to-u-s-federal-reserves-rate-projections-with-widespread-declines","status":"publish","type":"post","link":"https:\/\/www.icmarkets.com\/blog\/thursday-21st-september-2023-asia-pacific-markets-react-to-u-s-federal-reserves-rate-projections-with-widespread-declines\/","title":{"rendered":"Thursday 21st September 2023: Asia-Pacific Markets React to U.S. Federal Reserve&#8217;s Rate Projections with Widespread Declines"},"content":{"rendered":"\n<h3><br \/><br \/>Global Markets:<\/h3>\n\n\n\n<ul>\n<li>&nbsp;Asian Stock Markets : Nikkei down 1.22, Shanghai Composite down 0.74%, Hang Seng down 1.38%, ASX down 1.37%<\/li>\n\n\n\n<li>Commodities : Gold at $1948.45 (-0.91%), Silver at $23.49 (-1.44%), Brent Oil at $92.76 (-0.82%), WTI Oil at $88.89 (-0.85%)<\/li>\n\n\n\n<li>Rates : US 10-year yield at 4.429, UK 10-year yield at 4.271, Germany 10-year yield at 2.752<\/li>\n<\/ul>\n\n\n\n<h3>News &amp; Data:<\/h3>\n\n\n\n<ul>\n<li>(USD) Federal Funds Rate 5.5% vs 5.5% expected<\/li>\n<\/ul>\n\n\n\n<h3>Markets Update:<\/h3>\n\n\n\n<p>Asia-Pacific markets experienced declines across the region following the announcement by the U.S. Federal Reserve, which decided to maintain its benchmark policy rate while indicating a forthcoming interest rate hike later in the year based on the central bank&#8217;s projections.<\/p>\n\n\n\n<p>The projections revealed that the central bank anticipates raising rates to a median of 5.6% by the conclusion of 2023, marking an increase from the current range of 5.25% to 5.5%. Moreover, the Federal Open Market Committee forecasted two rate cuts in 2024, a reduction of two compared to its earlier prediction in June, which would bring the funds rate to around 5.1%.<\/p>\n\n\n\n<p>In Australia, the S&amp;P\/ASX 200 saw a decline of 1.37%, approaching its lowest point this month. Japan&#8217;s Nikkei 225 also experienced a decrease of 1.22% as the Bank of Japan commenced its two-day monetary policy meeting, while the Topix index fell by 0.78%.<\/p>\n\n\n\n<p>South Korea&#8217;s Kospi recorded a 1.3% decrease, leading the losses in the Asian markets, and the Kosdaq index dropped by 1.84%. Hong Kong&#8217;s Hang Seng index exhibited a 1.3% decline, and mainland Chinese markets were also down, with the CSI 300 losing 0.55%.<\/p>\n\n\n\n<p>In the U.S., the previous night witnessed all three major indexes undergoing declines as investors absorbed the Fed&#8217;s decisions. The Nasdaq Composite experienced the most significant losses, declining by 1.5%, driven by the performance of companies like Microsoft, Nvidia, and Google-parent Alphabet. The S&amp;P 500 dipped by 0.94%, while the Dow Jones Industrial Average lost 0.22%.<\/p>\n\n\n\n<h3>Upcoming Events:&nbsp;<\/h3>\n\n\n\n<ul>\n<li>12:30 PM GMT &#8211; USD Unemployment Claims<\/li>\n\n\n\n<li>2:00 PM GMT &#8211; EUR ECB President Lagarde Speaks<\/li>\n\n\n\n<li>2:00 PM GMT &#8211; USD Existing Home Sales<\/li>\n\n\n\n<li>2:30 PM GMT &#8211; USD Natural Gas Storage<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Global Markets: News &amp; Data: Markets Update: Asia-Pacific markets experienced declines [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":79815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[196,215,339],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/65687"}],"collection":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/comments?post=65687"}],"version-history":[{"count":2,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/65687\/revisions"}],"predecessor-version":[{"id":65695,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/posts\/65687\/revisions\/65695"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media\/79815"}],"wp:attachment":[{"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/media?parent=65687"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/categories?post=65687"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.icmarkets.com\/blog\/wp-json\/wp\/v2\/tags?post=65687"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}