SHANGHAI : Asian shares tumbled to their lowest in nearly 15 months, short-term U.S. yields rose to 23-month highs and the dollar strengthened on Thursday after the Federal Reserve's chairman signalled 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. Fed funds futures showed traders pricing in as many as five hikes by December, after previously fully pricing for four increases. [FEDWATCH]
The policy-sensitive U.S. 2-year yield jumped amid expectations of Fed tightening, rising to a top of 1.1920per cent in morning trade in Asia, a level last reached in February 2020. The benchmark 10-year yield also ticked up from Wednesday's close, rising to 1.8566per cent from 1.846per cent. In commodities markets, oil prices eased but remained elevated near $90 per barrel, a level last seen in October 2014, on festering tensions between Russia and Ukraine.
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