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Recent economic data presents a mixed picture for the Federal Reserve. On one hand, the preferred inflation gauge decelerated to 2.9% in December, dropping below 3% for the first time since early 2021. On the other hand, consumer spending remains surprisingly robust, likely benefiting from the downward pressure on inflation.
Asian markets face turbulence as China's economic challenges and speculation over potential rate cuts contribute to a slide in stocks, leaving investors on edge amid a volatile landscape.
South Korea's benchmark Kospi index sank 1.8%, mirroring the anxieties gripping Wall Street and other major financial hubs. Down under, Australia's resource-heavy stocks couldn't escape the contagion, tumbling 1.1% as commodity prices remained under pressure.
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