SYDNEY, Jan 24 — Asian share markets slipped today with the Federal Reserve expected to confirm it will soon start draining the massive liquidity that has fuelled the huge gains in growth stocks in recent years.
Edgy markets are now even pricing in a small chance the Fed hikes rates this week, though the overwhelming expectation is for a first move to 0.25 per cent in March and three more to 1.0 per cent by year end. The rout was exacerbated by a slide in Netflix, which tumbled almost 22 per cent, shedding US$44 billion in market value.
“Investors may not be able to rely on a so-called ‘Fed put’ this time around, given that the central bank’s tightening cycle has not even begun, and that the strength of the US economy suggests that much tighter policy is warranted.” While Treasuries did bounce late last week, 10-year yields are still up 22 basis points on the month so far at 1.77 per cent and not far from levels last seen in early 2020.
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