Stocks in Asia were on the backfoot as traders awaited the Federal Reserve’s next policy decision, with interest rates expected to be higher for longer to curb inflation.
“Event risk from FOMC and other central bank decisions due this week kept markets subdued in Asia, with lack of further stimulus announcements from China also acting as a headwind,” said Charu Chanana, a market strategist at Saxo Capital Markets. Australian and New Zealand bond yields ticked higher, mirroring the moves in both the five- and 10-year Treasury yields which hit the highest levels since 2007 on Tuesday. Treasuries were little changed during Asian trading, as was the dollar.
The offshore yuan was little changed after the People’s Bank of China reiterated its commitment to crack down on behaviors that disrupt the FX market.
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