A-share gold stocks opened lower; Laishen Tongling and Zhaojin Gold fell over 3%, Xiaocheng Technology, Baiyin Nonferrous and Shandong Gold dropped more than 2%. The Fed raised rates by 25 bps to 3.75%-4.00%, triggering a broad sell-off in the precious metals market.

Henry Song, fixed-income portfolio manager at Diamond Hill, said market-priced Fed rate hikes look intended more to reinforce the Fed’s independence from political pressure than to materially curb inflation. He said he is watching for signs whether the move is a one-off or the start of a tightening cycle and whether Chair Walsh will confront the president early in his term. Song added that holding rates could be justified by macro data but might be read as political capitulation — a perception that would push up long-term yields.

TASS reports Russia awarded a frigate commander a decoration over an incident involving Denmark.