ASX Edges Higher Ahead of Crucial US Fed Decision

Australia's benchmark share index, the S&P/ASX 200, edged higher by 0.21% to 8,690.6 points on Wednesday after falling to an 11-week low in the previous session.

The modest bounce follows a brutal run for the index, which fell 92.3 points, or 1.05%, on Tuesday to close at an 11-week low of 8,657.1.

The recent weakness has been driven by a sharp rise in global bond yields, with the U.S. 10-year Treasury yield climbing to 5.041% during Tuesday's session, its highest level since 2007.

The Federal Reserve is expected to raise interest rates at the conclusion of its two-day policy meeting on Wednesday, and markets are closely watching for signals about how aggressively the central bank will continue tightening policy amid persistently elevated inflation and surging oil prices.