Asian equity markets declined on Monday as hawkish remarks from Federal Reserve Chair Kevin Warsh revived expectations for a US rate hike in September. In his Jackson Hole address on Friday, Warsh warned that inflation isn’t meaningfully slowing and reaffirmed policymakers’ commitment to returning inflation to their 2% target. Sentiment was also weighed down by a jump in oil prices after the US military targeted Iranian rocket launchers preparing to deploy mines into the Strait of Hormuz. Tech-heavy equity benchmarks in Japan and South Korea led the declines, while shares in China and Hong Kong also moved lower.