SINGAPORE, Feb 21 — Asian stocks edged lower today as the prospect of the US central bank having to stay on its hawkish path weighed on sentiment, with investors looking to the...
SINGAPORE, Feb 21 — Asian stocks edged lower today as the prospect of the US central bank having to stay on its hawkish path weighed on sentiment, with investors looking to the minutes of the latest Federal Reserve meeting for further monetary policy clues.
The market is now pricing US interest rates to peak at 5.30 per cent in July and remain above 5 per cent by the end of the year, moving away from expectations of deeper rate cuts this year. The yield on the 30-year Treasury bond was up 1 basis points to 3.899 per cent, while that of the two-year US Treasury paper, which typically moves in step with interest rate expectations, was up 5.4 basis points at 4.677 per cent.
DBS currency strategist Philip Wee said the market is bracing for another surprise in the PCE data after the strong US nonfarm payrolls and CPI readings this month.
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