bucked the trend by rising 0.24%, supported by the yen's weakness against a resurgent dollar and as U.S. stock futures ticked up slightly.tumbled 0.82%, its worst day in more than a month. That marked the first back-to-back declines in a month, after the index closed at a record peak to start the week.
"The Fed's resolve is facing a testing time," Rodrigo Catril, a senior foreign-exchange strategist at National Australia Bank in Sydney, wrote in a client note. Inflation expectations soared, with the five-year breakeven inflation rate soaring to a record 3.113%, Wall Street's so-called fear gauge, touching its highest level in nearly one month.
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