Asia kicks off the last week of the quarter on Monday, with markets badly bruised by the surge in U.S. bond yields following the Federal Reserve's hawkish pause last week and investors looking to get through the week without any further whiplash. Benchmark two- and 10-year Treasury yields are the highest since 2006-07, 10-year real yields have broken above 2%, and asset markets around the world are buckling under the higher-for-longer U.S. rate outlook. The dollar is strengthening as a result, and as emerging market investors are all too aware, the combination of high U.S. debt servicing costs and a strong dollar are rarely a welcome combination.
Passersby are reflected on an electric stock quotation board outside a brokerage in Tokyo - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist.
This may hinge largely on whether the U.S. bond market regains its footing. Benchmark two- and 10-year Treasury yields are the highest since 2006-07, 10-year real yields have broken above 2%, and asset markets around the world are buckling under the higher-for-longer U.S. rate outlook. Yes, the Fed sent out a hawkish signal. But the Bank of England, Swiss National Bank and Bank of Japan last week were surprisingly dovish, the euro zone and Chinese central banks are also leaning dovish, Brazil's is slashing rates, and many others have stopped hiking.
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