New Zealand 10-Year Yield Soars to Highest Since 2018 After Fed

Garfield Reynolds, Bloomberg News

Buildings in the central business district in Auckland, New Zealand, on Sunday, Dec. 5, 2021. New Zealand’s largest city has exited lockdown, bringing relief to its residents but also signaling the likely spread of Covid-19 to the rest of the country. Photographer: Brendon O'Hagan/Bloomberg , Bloomberg

(Bloomberg) -- New Zealand bonds tumbled, sending benchmark yields to the highest since November 2018, as Asian markets braced for the fallout from Federal Reserve Chairman Jerome Powell’s latest hawkish pivot.

The yield on 10-year notes jumped nine basis points to 2.70% as trading started, after similar-dated Treasuries traded 10 basis points higher at 1.87%.

Read More: Powell Backs March Liftoff, Won’t Rule Out Hike Every Meeting

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New Zealand 10-Year Yield Soars to Highest Since 2018 After Fed