Asian shares slip as investors turn their attention to Fed meeting
Tokyo — Asian shares slipped on Tuesday, supported by record highs on Wall Street but hobbled by uncertainty as traders awaited a Federal Reserve meeting for clues on US monetary policy. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.1% after wobbling between positive and negative territory for much of the morning. On Wall Street on Monday, the Dow Jones industrial average closed at a record high for the fifth consecutive session, and the S&P 500 marked its second straight closing record high, as higher US treasury yields helped lift financial shares. At a two-day meeting beginning later on Tuesday, the Fed is expected to take another step towards policy normalisation and announce plans to begin unwinding its $4.2-trillion portfolio of treasuries and mortgage-backed securities. The Fed is expected to hold interest rates steady, with investors looking for clues on its anticipated pace of further tightening later this year and next. The market is pricing in an a...
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