Asian stocks declined along with sovereign bonds after hawkish signaling from the Federal Reserve stirred concerns the US central bank would continue to raise interest rates.
Meanwhile, bonds in Asia fell, with the yield on Australia’s 10-year bond remaining near the highest since 2011. The moves mirrored the slump in Treasuries after hawkish Fed messaging overtook earlier optimism about the deal to avoid a US government shutdown. Yields on five- to 30-year Treasuries all jumped about 10 basis points Monday, while those on the benchmark 10-year note climbed to the highest since 2007. Treasuries steadied in Asia Tuesday.
The selloff in global bonds gathered momentum as the US shutdown reprieve prompted traders to raise bets on a November rate hike from the Fed to a roughly one-in-three chance, up from the 25% likelihood priced on Friday. Japan auction The dollar gained against most of its Group-of-10 peers after Bloomberg’s dollar index jumped 0.7% Monday. The greenback touched a year-to-date high versus the yen after the Bank of Japan said it would conduct an additional buying operation.
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