Equity benchmarks in Australia, South Korea, Japan and China fell. The drop for Hong Kong’s Hang Seng Index pushed it more than 10% below its January peak.
Contracts for the S&P 500 declined after the index ended Tuesday little changed. Nasdaq 100 futures also slid after the gauge, which is more sensitive to higher interest rates, rose 0.7% on Tuesday. Australian and New Zealand bond yields climbed. The two-year Treasury yield held its gains after adding 10 basis points on Tuesday to touch the highest level since November. The 10-year Treasury benchmark was largely unchanged after falling four basis points in the prior session., and subsequent comments from policy makers.
Federal Reserve Bank of Philadelphia president Patrick Harker said the Fed was nearing the point where rates were restrictive enough. “In my view, we are not done yet,” he said. “But we are
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