HONG KONG: Markets dropped in Asia on Thursday following a sell-off in New York, spurred by Federal Reserve (Fed) minutes indicating that officials planned to keep raising interest rates to tackle decades-high inflation.

While policymakers said they would eventually have to start tempering their tightening pace, they added that they would keep borrowing costs elevated "for some time." They admitted, however, that there was a risk of going too far and damaging the United States economy.

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