A look at the day ahead in Asian markets from Jamie McGeever.
Implied U.S. rates and Treasury bond yields fell sharply after the Fed raised rates by a quarter point and Chair Jerome Powell said policymakers hadBut Wall Street ultimately took its cue from Yellen, who said the government "is not considering insuring all uninsured bank deposits", something many analysts say would go a long way to preventing further crises.
The three main U.S. indices, which had rallied during Powell's press conference, reversed course and closed down 1.6%. Powell, of course, banged the anti-inflation drum and said the central bank's base case is for no rate cuts this year. Stocks didn't like that much, but it was Yellen's comments that and ultimately the broader indices - U.S. financial stocks fell 3.7% and regional banks slumped 5.3%.Powell's press conference suggested the Fed is in a 'wait and see mode' regarding the impact from the anticipated tightening of credit standards on the economy and inflation. He said more than once that policymakers simply don't know how the next few months will pan out.in tandem with U.S. yields on Wednesday.
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