- As the Federal Reserve's plan for aggressive policy tightening and China's covid lockdowns hung over markets, Asian stocks and US equity futures struggled to make headway.
- Shares in Japan fell and fluctuated in Hong Kong and China, while the S&P 500 and Nasdaq 100 contracts remained stable. Global equities are down for the week, weighed down by the risk of an economic downturn as the Fed fights inflation.
- Treasury yields fell and the bond curve maintained the steepness gained following the Fed minutes on Wednesday, which outlined plans to reduce the central bank's balance sheet by more than $1 trillion per year.
- A dollar index was approaching its highest level since 2020. Oil has mostly recovered from recent losses caused by plans to release millions of barrels of crude from strategic reserves, as well as China's demand-sapping virus outbreak.
