BEIJING (AP) — Asian stock markets followed Wall Street lower Wednesday as traders prepared for a possible sharp interest rate hike from the Federal Reserve to cool inflation. Wall Street tumbled Tuesday after Walmart warned inflation that has spiked to a four-decade high of 9.1% is hurting American consumer spending. The Fed on Wednesday is expected to announce a rate hike of up to three-quarters of a percentage point, triple its usual margin. Thomas said most economic indicators and lower commodity prices already point to slower inflation ahead. General Motors fell 3.4% after its second-quarter profit fell 40% from a year ago.

Source: New York Times July 26, 2022 19:28 UTC