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Asia stocks slip after Fed tempers aggressive rate cut expectations

Updated : June 26, 2019 08:18 AM IST

Fed Chair Jerome Powell on Tuesday said the central bank is "insulated from short-term political pressures," pushing back against US President Donald Trump's demand for a significant rate cut.
Tracking overnight losses on Wall Street, Australian stocks dipped 0.15 percent, South Korea's KOSPI shed 0.1 percent and Japan's Nikkei retreated 0.6 percent.
The dollar index against a basket of six major currencies stood at 96.177, holding to modest gains made the previous day. The index had bounced back from 95.843 on Tuesday, its lowest level since March 21, following comments from the top Fed officials.
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