Asian markets drop as traders contemplate higher-for-longer rates

HONG KONG (AFP): Asian markets sank Wednesday (Feb 22) following hefty losses on Wall Street as still-strong economic data fanned expectations that US interest rates will go higher and stay there longer than expected.

Traders are now awaiting the release of minutes from the Federal Reserve's latest policy meeting hoping for an idea about officials' views on how much and how far to lift borrowing costs.