Asian shares rise ahead of Fed decision on rate hike

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Asian shares have risen as investors await a widely anticipated decision by the U.S. Federal Reserve on interest rate policy. Benchmarks were higher in Japan, Australia, South Korea and China. Oil prices climbed while U.S. futures edged lower. At a policy meeting later Wednesday, the Fed is expected to increase its key short-term rate by 0.25 percentage points. That would be the first increase since 2018, pulling it off its record low of nearly zero, and likely the first in a series of hikes. On Wall Street, the S&P 500 gained 2.1%, ending a three-day losing streak after a report showed inflation’s rapid acceleration paused at the wholesale level last month.