The U.S. Federal Reserve cut its interest rate slightly but indicated fewer cuts would be coming next year. This sent stocks around the world tumbling, including Taiwan's Taiex. Taiwan's central bank did not follow the Fed, keeping its rates unchanged.
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00:00Stock markets in Taiwan and around the world were down after the U.S. Federal Reserve Chair
00:06indicated there would be fewer rate cuts next year despite a strong economy.
00:12We've been moving policy toward a more neutral setting in order to maintain the strength
00:16of the economy and the labor market while establishing further progress and sorry enabling
00:21further progress on inflation.
00:24Shares across Asia were down on the news with Taiwan's TAIX falling just over 1% at the
00:29close.
00:30Taiwan's central bank also said its own interest rates will remain unchanged and raised its
00:36growth forecast for next year.
00:38However, it noted potential risks to the economy posed by U.S. President-elect Donald Trump's
00:43proposed tariff plan.