SINGAPORE - Asian stocks struggled for headway on Wednesday while 10-year U.S. Treasury yields stood at 16-year highs as surging oil prices drive inflation and set the scene for the Federal Reserve to project interest rates staying higher for longer.
Benchmark 10-year Treasury yields hit their highest since 2007 at 4.371% overnight and were last at 4.36%. "The previous dot plot saw many participants expecting a cut in 2024. There is no reason for those dots to significantly move," said Sam Rines, managing director at research firm CORBŪ in Texas. The yen is down 11% on the dollar this year as expectations firm for U.S. rates to stay high and Japanese rates to stay low. The yen hit a 10-month trough of 147.95 to the dollar late last week and it traded at 147.80 early on Wednesday.
China left benchmark lending rates unchanged on Wednesday, as expected, keeping the yuan steady at 7.2946 per dollar. [CNY/]
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