US yields revisit highs, Asia stocks sag on hawkish Fed angst

By Kevin Buckland TOKYO - U.S. Treasury yields scaled a fresh 16-year peak on Tuesday, underpinning the dollar near a 10-month summit, as investors responded to the message from the FederalBy Kevin Buckland

Westpac strategists see risks skewed toward even higher yields in the near term, pulling up the dollar as well. The Fed surprised markets last week by suggesting more tightening may be in the pipeline, and projected high rates to stay in place for longer than investors had anticipated. The euro sagged 0.05% to $1.05855, approaching the overnight low of $1.0575, a level last seen in mid-March.The dollar also held near an 11-month peak of 148.97 yen from overnight, raising the risk of intervention by Japanese authorities.

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US yields revisit highs, Asia stocks sag on hawkish Fed angstU.S. Treasury yields scaled a fresh 16-year peak on Tuesday, underpinning the dollar near a 10-month summit, as investors responded to the message from the Federal Reserve and other major central banks of rates staying elevated for longer. Asia-Pacific stock benchmarks sagged along with gold, while crude oil continued to drift back from 10-month highs. MSCI's broadest index of Asia-Pacific shares outside Japan declined 0.33%.
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