SHANGHAI : Asian shares fell to their lowest in more than 14 months, short-term U.S. yields rose to 23-month highs and the dollar strengthened on Thursday after the Federal Reserve's chairman signaled plans to steadily tighten policy.
But in the follow-up press conference, Powell warned that inflation remains above the Fed's long-run goal and supply chain issues may be more persistent than previously thought. Concerns that the Fed will increasingly prioritise fighting inflation walloped share markets, erasing a Wall Street rally. [.N]
The dollar rose on the back of higher yields, lifting the U.S. dollar index, which measures the greenback against major peers, to 96.557.Adding to global investor concerns, the United States said on Wednesday it had set out a diplomatic path to address sweeping Russian demands in eastern Europe, as Moscow held security talks with Western countries and intensified its military build-up near Ukraine with new drills.
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