Turkey"s lira dropped to near record lows, while other emerging market stocks and currencies also fell on Wednesday as investors feared the Federal Reserve might take a more hawkish stance than previously expected when it meets later in the day. MSCI"s index of emerging market (EM) stocks (.MSCIEF) fell by 0.5%, while currencies (.MIEM00000CUS) fell 0.1% ahead of the conclusion of the Fed"s two-day policy meeting. The U.S. central bank is widely expected to outline its plans for tightening policy and hiking interest rates next year, which is likely to pressure EM assets. "While it"s rare to make changes to policy at December meetings, the Fed is under tremendous pressure, given the persistence of elevated inflation, to expedite its previously announced tapering at a minimum," said Danielle DiMartino Booth, CEO and chief strategist of Quill Intelligence. Turkey"s lira was the worst performing EM currency, down around 2% to 14.7190 against the dollar after hitting a low of 14.99 earlier this week. It is also the worst performing currency this year. The Turkish central bank is widely expected to cut interest rates again on Thursday, extending President Tayyip Erdogan"s unorthodox monetary policy, despite inflation breaching 20% last month. Chinese stocks fell on Wednesday on more concerns over the country"s debt-saddled property market. Data showed home prices, sales, investment and construction sank in November, amid weak demand and a cash crunch among developers. read more Other readings showed China"s factory output grew faster than expected in November, but new curbs to fight rising COVID-19 cases hit retailers. read more A COVID-19 outbreak in Zheijang also saw several firms halt manufacturing operations. Still, investment bank JPMorgan raised its fourth quarter and 2022 forecasts for Chinese economic growth, citing some positive trends from the November data. read more Investors are now awaiting central bank meetings in Russia, Mexico and Colombia later this week. All three banks are expected to raise rates to help curb rising inflation- a common trend across most EMs this year. Central banks in Hungary and Chile hiked rates on Tuesday in response to rising inflation. The Hungarian forint had strengthened slightly against the euro after the central bank pledged more rate action next year to anchor rising inflation expectations. read more South Africa"s rand fell 0.5%, as inflation rose more than expected in November. []nJ8N2PD01E For GRAPHIC on emerging market FX performance in 2021, see http://tmsnrt.rs/2egbfVh For GRAPHIC on MSCI emerging index performance in 2021, see https://tmsnrt.rs/2OusNdX For TOP NEWS across emerging markets For CENTRAL EUROPE market report, see For TURKISH market report, see For RUSSIAN market report, see Reporting by Ambar Warrick Editing by Gareth Jones Our Standards: The Thomson Reuters Trust Principles.