Asian shares were cautiously higher on Friday, while the dollar firmed slightly as traders and investors anxiously awaited a speech from Federal Reserve Chair Jerome Powell that could offer clues on the U.S. central bank's rate-hike path.
The Wall Street Journal reported on Thursday that Washington and Beijing are nearing an agreement that allows American accounting regulators to travel to Hong Kong to inspect audit records of U.S.-listed Chinese companies.Overnight on Wall Street, stocks rose while U.S. Treasury yields slipped, as investors digested comments from Fed officials who continued hammering the point that they will drive rates up and keep them there until inflation has been squeezed from the economy.
Investors have pared back expectations that the Fed could pivot to a slower pace of rate hikes as U.S. inflation remains at 8.5% on an annual basis, well above the Fed's 2% target. But Powell's speech on Friday will be scrutinised for any indication that an economic slowdown might alter the Fed's strategy."The experience of Jackson Hole 2021 will make the Fed Chair cautious in making the same error twice.
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