Equity markets rise sharply following US Fed rate decision

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Equity markets rise sharply following US Fed rate decision

Equity markets have responded positively to the US Federal Reserve's monetary policy decision on Wednesday, with Asian stocks tracking gains on Wall Street. The Fed kept borrowing costs on hold at a 23-year high of 5.25 to 5.5 percent, and signalled only one rate cut for the year. The decision came just hours after the US inflation reading for May came in cooler-than-expected, rising 3.3-percent year on year. All three major US indices climbed overnight with both the S&P 500 and Nasdaq Composite closing at record highs.