Asian markets were mixed Monday and oil fell as investors assessed data showing further weakness in China’s economy and comments from Federal Reserve officials showing it was wedded to its campaign of interest rate hikes to fight inflation. However, analysts warned that inflation would take time to come down from its four-decade highs and there were undoubtedly more rate hikes to come. And officials backed that up at the weekend, with Minneapolis Fed chief Neel Kashkari telling the New York Times that he was “surprised by markets’ interpretation” of the latest Fed meeting statement. The data out of China revived demand concerns on oil markets, sending both main contracts down Monday, following a bounce last week. “The US has expressed optimism about the potential for an OPEC+ supply response, said SPI Asset Management’s Stephen Innes.
