Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Wednesday, Feb. 15, 2023. Asian stock markets fell Wednesday after U.S. inflation edged down less than expected, fueling concern the Federal Reserve might think more interest rate hikes are needed. – Asian stocks fell and European markets opened mixed Wednesday after U.S.
In early trading, the FTSE 100 in London declined 0.1% to 7,946.73 while the DAX in Frankfurt gained 0.4% to 15,441.24. The CAC 40 in Paris rose 0.7% to 7,260.59. Traders expect two more U.S. rate hikes of 0.25 percentage points to slow business activity and hiring. Some expect cuts to start as soon the end of this year despite comments by Chair Jerome Powell and other Fed officials that rates might have to stay elevated for an extended period to get inflation to their 2% target.
The two-year yield rose to 4.61% from 4.52% late Monday. The 10-year yield, which helps set rates for mortgages and other loans, rose to 3.75% from 3.70%.
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