Stocks slide, dollar firm as further monetary tightening seen

by the US central bank later this year on expectations of a cooling economy.

The Fed may need to lift borrowing costs higher than previously anticipated given the unexpectedly strong reading on jobs gains in January, Atlanta Federal Reserve Bank President Raphael Bostic told Bloomberg News on Monday. US-listed shares of China firms fell as Sino-US relations soured over a suspected Chinese spy balloon the US military shot down over the Atlantic. Heavyweights Alibaba Group Holding,powerful earthquake

“Investors are going to have to come to grips with the fact that rates are going to stay higher for longer and it’s still unlikely the Fed is going to cut rates this year,” he said. The dollar had touched a three-week high of 132.90 against the lower-yielding yen following reports the Japanese government had offered the job of central bank governor to current deputy Masayoshi Amamiya, viewed as less of a monetary policy hawk than his predecessor.The drama over the balloon, which Beijing has said was a civilian airship that accidentally strayed into US airspace, further strained already-tense relations.

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