Asian stocks rise after Powell

Asian markets are mostly higher even as the Fed forecasts more rate hikes to tackle inflation. Asia-Pacific markets were broadly higher after Fed Chairman Jerome Powell forecast more rate hikes this year and said inflation “is a long way from being pulled back to 2%.” “Virtually all FOMC participants think it would be appropriate to raise interest rates a little bit more by the end of the year,” Powell said as he prepared to testify before the House Financial Services Committee. Japan’s Nikkei 225 climbed 0.19%, extending Wednesday’s gains, while the Topix rose 0.66%. South Korea’s Kospi rose 0.2% and the Kosdaq added 0.25%, while Australia’s S&P/ASX 200 lost 0.65%, extending Wednesday’s losses. Elsewhere, markets in Hong Kong, mainland China and Taiwan were closed for a holiday on Thursday. Additionally, crypto prices have also surged in the past 24 hours, with bitcoin breaking above $30,000 for the first time since April 26. Ether has nearly climbed to $1,900, its highest level since June 4.