as rate differentials with the rest of the world widen, pressuring the region’s stocks.
Australian yields slumped, with the three-year sinking as much as 23 basis points, after the nation’s central bank governorWhile oil has trimmed some of its retreat, this week’s swoon flags demand risks from a wave of monetary tightening and China’s Covid travails — the megacity of ChengduCentral banks are walking a tightrope, raising interest rates sharply to tackle inflation while remaining leery of sparking a damaging economic contraction in the process.
Fed officials reiterated their determination to get inflation under control. Vice Chair Lael Brainard said interest rates will need to rise to restrictive levels, while cautioning risks would become more two-sided in the future. Chair Jerome Powell is due to speak on Thursday.Monetary policy has tightened further with rate hikes in Canada and Australia this week.
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