Stocks slide, US yields climb amid hawkish Fed, China tensions

While almost all Fed officials agreed to hold interest rates steady last month, minutes of the meeting released on Wednesday showed the vast majority expected policy would eventually need to tighten further.

"The Fed's decision to pause was not actually unanimous and most members are up for further hikes, so this could cap upside over the near-term," although the scope of equity declines so far suggests it could be "more of a bump in the road as opposed to blood on the streets," he added. Against the yen, though, the dollar's advances were conspicuously subdued, considering the currency pair's traditional close relationship with long-term U.S. yields.

"The yen is kind of stuck because the Japanese government has raised the alarm level against the currency," said Naka Matsuzawa, chief strategist at Nomura Securities in Tokyo.

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