Fed’s discount rate hike jolts markets

federal reserve

Asian markets wobbled on Friday in the wake of the Federal Reserve's decision to hike its discount rate, with the prices of leading shares listed in Tokyo and Hong Kong falling on worries that the key federal funds rate could rise soon. However, investors in Europe and the US took a calmer view of the move, which the Fed announced late on Thursday evening.

The discount rate or "primary credit rate", as it is formally known, is the interest rate charged to banks and other depository institutions

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