Asian shares advance on back of Wall Street rally

BANGKOK — Asian shares advanced Wednesday after a Wall Street rally led by the banks most beaten down by the industry’s crisis.

Oil prices fell back and U.S. futures were little changed.

Investors are awaiting an interest rate decision by the Federal Reserve, which is expected to temper its efforts to tame inflation given the recent turmoil that has wracked the banking sector. Some of Wall Street’s fear washed out after U.S. Treasury Secretary Janet Yellen said the government could offer the banking industry more assistance if needed.

Most economists expect the Fed to announce a relatively modest quarter-point hike in its benchmark rate, its ninth hike since March of last year.

Markets around the world have pinballed sharply this month on worries the banking system may be cracking under the pressure of the fastest set of hikes to interest rates in decades. This week’s rally now…