Asia Stocks Slip As Fed’s Powell Tempers Rate Cut Expectations

Stocks in Asia fell on Wednesday morning after U.S. Federal ReserveChairman Jerome Powell tempered expectations for a potential interest rate cut. The Nikkei 225 in Japan declined 0.46% in late-morning trade, with shares of index heavyweights Fast Retailing and Softbank Group slipping. The Topix index also fell by 0.4%. The moves on Wall Street came as Powell said the U.S. central bank is assessing whether current economic uncertainties call for lower rates. Powell noted the Fed will take a wait-and-see approach given how rapid recent economic changes have been but added the Fed is “insulated from short-term political interests. ”

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