Asia stocks head for second weekly loss as Fed rate worries flare

U.S. equity futures were flat, after the S&P 500 sank 0.88% overnight.in a podcast on the Richmond Fed's website, adding that he felt the decline so far had been "distorted" by some falling goods prices.

"Powell maintained a relatively dovish tone, and markets took that as a green light to rally, but pretty much 24 hours later we got a stream of extremely hawkish Fed speak," said Tony Sycamore, a strategist at IG. The U.S. dollar index , which measures the greenback against six peers including the euro and yen, ticked up slightly to 103.28, sticking to the middle of its range this week. It touched 103.96 on Tuesday for the first time since Jan. 6 as well.

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