Federal reserve interest rates mortgage loans today 2022

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Shares in Asia have fallen after the chairman of the US central bank said it would continue to raise interest rates to tackle soaring prices.

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Jerome Powell warned that the Federal Reserve's policies will cause "some pain to households and businesses".

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Higher interest rates make borrowing more expensive for individuals and companies, which could slow economic growth as well as inflation.

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Japan's Nikkei 225 index closed 2.7% lower on Monday in Tokyo.

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Elsewhere in the Asia-Pacific region, the Kospi in South Korea and Australia's ASX 200 were both down by around 2%

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while the Hang Seng in Hong Kong was 0.8% lower.

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