U.S. Fed Hikes Interest Rates
The U.S. Federal Reserve on Wednesday raised its target range for the federal funds rate by 25 basis points to 3.75% to 4%, in line with mainstream market expectations. This marks the Fed’s first rate hike in more than three years.
Fed Chair Kevin Warsh reiterated that inflation remains too high and has persisted for too long, sending the three major U.S. stock indexes lower.
The Fed expects to raise interest rates one more time before the end of the year.
Zhang Yiming Becomes Asia’s Richest Person
ByteDance founder Zhang has become the richest person in Asia for the first time, with his net worth surpassing $105 billion to overtake Indian billionaire Gautam Adani, according to the Bloomberg Billionaires Index.
Zhang’s wealth has grown about eightfold from the $13 billion recorded when he was first tracked in March 2019. The surge is attributed to the global popularity of TikTok and ByteDance’s investments in AI, including the Doubao large language model and the video generation model Seedance.
Contact editor Lin Jinbing ([email protected])
