Asian markets showed some resilience despite a selloff on Wall Street overnight, with the S&P 500Worries about more Fed tightening were heightened by robust U.S. employment data and fresh hawkish rhetoric from central bank officials.
"For her to come out and say we still need higher rates, it really sparks the idea that the Fed really wants to deliver the 75 basis points of rate hikes that it projected back in December."The market bets the policy rate will been just below 5% in June, implying just over 50 basis points of additional tightening.
The benchmark 10-year Treasury yield was around 3.4% after bouncing off the lowest since mid-September at 3.321% overnight.
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