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Asian stocks tense for Fed tapering news

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Asian shares eased and the dollar held firm on Monday ahead of a week graced with no less than a dozen central bank meetings, highlighted by the Federal Reserve which is likely to take another step toward tapering.

Early Monday, MSCI's broadest index of Asia-Pacific shares outside Japanwas shut and could do with consolidating after surging to 30-year highs on hopes a new Prime Minister will bring more stimulus and policy change.

The Fed is still expected to lay the groundwork for a tapering at its policy meeting on Tuesday and Wednesday, though the consensus is for an actual announcement to be delayed until the November or December meetings.Yields on 10-year Treasuries touched a two-month top and the curve flattened ahead of the meeting.

He noted only 2-3 FOMC members would need to shift their "dot plot" forecasts for a hike in 2022 to make it the median, given seven of 18 had already tipped a move next year. The market consensus is for two hikes in 2023 and four in 2024 with the longer-run fed funds rate seen at 2.125%.

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