Treasury 10-year yields edged above 4.5% for the first time since 2007, underscoring how this week’s Federal Reserve meeting is cementing the higher for longer policy rates outlook.
Equity markets in Asia fell after US stocks suffered the biggest slump in six months, while the 10-year Treasury yield touched the highest level in 16 years in a sign investors expect higher US interest rates to endure.
Oil headed for its first weekly loss in four after the Federal Reserve flagged a further rise in US interest rates this year, damping appetite for risk assets and overshadowing physical tightness in the crude market.
The Philippines has a “good chance” of resuming monetary tightening in November, and more rate increases are still on the cards, central bank Governor Eli Remolona said.
Australian stocks were on track for the worst week since June 2022 on concerns that the central bank may further raise rates.
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