Futures for benchmarks in Australia and Japan declined, while a gauge for US-listed Chinese stocks fell for a fourth straight session. Big tech led losses on Wall Street, with the Nasdaq 100 down 1.5% and S&P 500 dropping almost 1%. Treasury two-year yields, which are more sensitive to imminent Fed moves, hit the highest since 2006. Contracts for US equities were flat in early Asian trading.
In light of the still strong economic data, the hawkish pause and threat of a hike should not be a surprise, according to Seema Shah, chief global strategist at Principal Asset Management. After UK inflation unexpectedly slowed, traders pared bets on further tightening steps by the Bank of England, with the market pricing a 50% chance of a quarter-point hike later Thursday. They are also betting that if the BOE does hike, it will be its last. Goldman Sachs and Nomura went further, saying rates have already peaked. Bloomberg Economics expects an increase.
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