Asian shares slip as Fed signals 'downshift' in economy

The report pointed to resurgent coronavirus cases and mounting supply chain problems and labor shortages -- woes affecting many economies. Benchmarks fell in Tokyo, Hong Kong, Shanghai and Sydney.

In another development, ratings agencies say Evergrande Group, one of China's biggest real estate developers, looks increasingly likely to default on its debts following news reports it will delay interest payments on bank loans. The company is selling assets to raise cash and faces complaints it is late in paying contractors and in delivering projects to customers.

The Fed said the slowdown was largely attributable to a pullback in dining out, travel and tourism in most parts of the country, reflecting concerns about the spread of the highly contagious delta variant.

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