Markets surge on hopes Fed close to end of hiking cycle

Asian markets leaped Thursday on optimism the Federal Reserve’s long-running campaign of interest rate hikes could be near an end after data showed US inflation rose less than expected last month.

Traders already had a spring in their step this week on signs that the bank’s monetary tightening measures were kicking in, fanning speculation this month’s expected hike could be the last of an elongated cycle.

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