Asian markets fall on rate concerns

HONG KONG (AFP): Asian markets fell on Tuesday (Oct 3) on concerns over interest rates following hawkish comments by a senior Federal Reserve official indicating the central bank was likely to keep them higher for longer.

Despite falling sharply over the last 12 months, US inflation remains stubbornly above the Federal Reserve's long-term target of two per cent, leading most Fed officials to predict last month that another hike is needed this year.