A man stands in front of an electronic quotation board displaying the numbers of share prices on the Tokyo Stock Exchange in Tokyo on March 1, 2021. — AFP picHONG KONG, May 13 — A forecast-busting surge in US inflation sent Asian markets tumbling today, tracking a rout on Wall Street as investors fret that the Federal Reserve will be forced to hike interest rates earlier than expected to avoid prices running out of control.
The advance was driven by a rally in commodities prices such as widely used copper, iron and lumber, which are sitting at record or multi-year highs. The Fed has repeatedly insisted it expects such sharp spikes but they will be transitory owing to last year’s low base and policymakers will not make any adjustments until they are happy unemployment is under control and inflation is running hot for some time.
For its part, the Fed remained steadfast in its outlook. Fed Vice Chair Richard Clarida said he was “surprised” by the latest data but that officials were prepared to act when needed. But Tai Hui, at JP Morgan Asset Management, remained broadly upbeat about the outlook for equities, saying that while the sell-off on Wall Street was heavy, the gain in Treasury yields — a gauge of future interest rates — was less severe.
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