SINGAPORE (Nikkei Markets) -- Singapore stocks suffered their worst decline in a month after the U.S. Federal Reserve raised interest rates and maintained its forecast for one more rate increase later this year. Malaysia shares also ended lower.
The Fed delivered a widely-expected 25-basis-point rate increase on Wednesday, taking its key lending rate to a target range of 1% to 1.25%, and also reiterated that it will raise rates a third time in 2017. It kept its forecasts for rate hikes through 2019 almost unchanged. The central bank also outlined plans to reduce its bond holdings starting later this year.
