Asian Markets Mixed as Traders Await Key US Inflation Data

According to Yahoo News, Asian markets displayed mixed results on Tuesday, following a lukewarm performance on Wall Street. Profit-taking has dampened hopes for Federal Reserve interest rate cuts in 2023, and traders are now awaiting crucial US inflation data due later this week. A series of indicators in recent months, pointing to a slowing economy and a below-forecast rise in consumer prices, have fueled optimism that the US central bank has increased borrowing costs for the last time in this cycle. However, analysts have expressed concerns that the readings could indicate future weakness. In addition to the personal consumption expenditures (PCE) price index, the Fed's preferred inflation guide, investors will be monitoring other indicators this week, including consumer confidence and gross domestic product. Several central bank officials, including Jerome Powell, are scheduled to speak, but they are expected to maintain their long-standing position that policy decisions will be data-driven and that rates will remain higher for longer to fully control inflation.