Asian stocks declined along with sovereign bonds after hawkish signaling from the Federal Reserve stirred concerns the US central bank would continue to raise interest rates.
Quantitative easing, the policy tool deployed across the Group of Seven to stimulate economies through the financial crisis and pandemic, is rapidly falling out of favor in Britain.
Australia’s central bank kept its key interest rate unchanged while retaining a tightening bias on Tuesday as new Governor Michele Bullock gauges the impact of 4 percentage points of hikes.
The slide in Treasuries has been excessive given recent economic data and Federal Reserve policy, suggesting it’s instead being driven by fears over the swelling US deficit, some of Wall Street’s biggest names say.
Chinese stocks listed in Hong Kong slumped as trading resumed after a holiday, hurt by a broad risk-off mood across the region and continued concern about the nation’s economic outlook.
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