Mixed Performance in Asian Stock Markets Following Powell's Testimony.

Asian shares were mixed after the Federal Reserve chair made comments that indicated inflation still isn’t under control. The Chinese markets being closed brought a break from jitters about possible renewed tensions in the U.S.-China relationship after President Joe Biden referred to Chinese President Xi Jinping as a dictator. On Wall Street, declines in technology stocks left benchmarks mixed and sapped more momentum from a five-week rally. Fed Chair Jerome Powell said Wednesday that “the process of getting inflation back down to 2% has a long way to go.” He said again that a couple more rate increases may be on the way, though the speed of the hikes is likely to slow after moving at a furious speed since early last year.