Asian markets fell Friday as a string of top Federal Reserve officials pressed their cases for fighting inflation, raising concerns the bank will embark on an aggressive campaign that could see four interest rate hikes this year.
A pledge by Fed chief Jerome Powell this week to rein in surging prices while also nurturing the recovery in the world's top economy provided a much-needed lift to investor sentiment and helped propel a rally across equities.
Minutes from the bank's December policy meeting showed officials were keen to act quickly to tame prices, and speed up the taper of its massive bond-buying programme, then begin offloading its Treasury holdings -- measures that have been used to keep rates at all-time lows. Hong Kong was well down, having enjoyed a strong rally this week, with tech firms there under pressure. Shanghai, Wellington, Taipei, Manila and Jakarta were also in the red. Singapore bucked the trend to rise.
The impact of rocketing prices on businesses was made clear in a survey by The Conference Board on Thursday, with chief executives saying they were the second-biggest worry, behind labour shortages.
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