Asian stocks drop as Fed shift reverberates; Treasury yields slide

Benchmark 10-year U.S. Treasury yields fell to the lowest since early March at 1.4110%, while those on 30-year bonds slid as low as 1.9990% for the first time in more than four months.

The U.S. dollar hovered near the 10-week high touched on Friday versus major peers , following its biggest weekly advance in more than a year. "It feels that the pain trade is for further strength in the USD, higher real rates, and a flatter Treasury curve, with the market continuing to see the reflation trades unwound."

Several Fed officials have speaking duties this week, including Chair Jerome Powell, who testifies before Congress on Tuesday., which tracks shares in 45 nations, fell another 0.2% on Monday, extending its retreat from a record intraday high reached Tuesday.

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