Futures for benchmarks in Australia and Hong Kong slipped while those in Japan were little changed. Contracts for US stocks were also steady in early Asia trading Wednesday after the S&P 500 closed down though off session lows, and both the five- and 10-year Treasury yields hit the highest levels since 2007.
Aside from expectations of a hawkish hold, investors will focus on the Fed’s updated quarterly rate projections — known as the dot plot — that will be released at the conclusion of the policy meeting. High on the watchlist will be whether these forecasts continue to reveal a median view for one more quarter-point hike this year and whether forecasts for 2024 scale back the 100 basis points of rate reductions that officials foresaw in June.
In Asia, China’s commercial banks are likely to lower prime rates on short-term loans for a second month in a row, while holding five-year rates steady, according to Bloomberg Economics. On the five-year benchmark, “other moves to support the housing market, including a recent expansion of first-home buyer benefits, make cutting the home loan benchmark less urgent,” according to BE.
Starbucks Corp. slipped as TD Cowen downgraded it to market perform, flagging “worrisome” pressures that could challenge same-store sales in China.
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