Asian stocks sink, dollar buoyant after hawkish Powell comments

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Asian shares were on track for their worst day in a month on Wednesday after hawkish comments from Federal Reserve Chair Jerome Powell raised the possibility of the U.S. central bank returning to large rate hikes to tackle sticky inflation.

was the sole stock index in Asia with gains, up nearly 0.5%, as a weakening yen buoyed exporters.

A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes , seen as an indicator of economic expectations, was at -107.3 basis points, its deepest since August 1981, according to Refinitiv data.

Citi strategists said even as-expected payrolls and inflation data could keep the chance of a 50 basis point hike high. "Not following through on a 50 bps increase could then entail an unhelpfully large easing of financial conditions."

 

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