Asian shares advanced and US long-dated bond yields edged up to a five-month high on Wednesday on rising optimism about the global economy and corporate earnings while the yen slipped to a four-year low on the dollar.
In New York, the benchmark S&P 500 index gained 0.74% to finish just 0.4% below its early September record close while the CBOE market volatility index fell 0.6 point after earlier hitting 15.57, its lowest level since mid-August. The positive mood saw US bond yields rising further, with the 10-year US treasuries yield climbing to 1.662% , a high last seen in May.
“The Fed is likely to become more hawkish, probably tweaking its language on its assessment that inflation will be transient. While the Fed will maintain tapering is not linked to a future rate hike, the market is likely to try to price in rate hikes and flatten the yield curve,” said Naokazu Koshimizu, senior strategist at Nomura Securities.
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