Futures for Japanese and Australian shares pointed to marginal declines while contracts for Hong Kong rose slightly and a gauge of US-listed Chinese companies was little changed.
Treasury two-year yields, which are more sensitive to imminent Fed moves, topped 5%. An auction of 10-year US Treasury notes on Tuesday drew the highest yield since 2007 — a day after a sale of three-year notes did the same — as investors demand increased compensation for elevated inflation and growth in the supply of US government debt. The dollar edged higher Tuesday while the yen was little changed.
The Cleveland Fed’s Nowcast model suggests upside risks for CPI, with persistently high inflation seen in September as well, according to Win Thin, global head of currency strategy at Brown Brothers Harriman.
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