As investors considered the Fed's vow to combat inflation even at the expense of slower economic development, Asian markets remained stable as oil declined further from $100 a barrel.

- The Asia-pacific share index of MSCI varied due to the region's uneven performance, which included a decline in Hong Kong but an increase in South Korea thanks to a rise in Samsung after its results. US futures decreased after a volatile afternoon on Wall Street that saw just small advances.

- The likelihood of much more restrictive monetary policy to stop entrenched inflation was hinted at in the Fed's June meeting minutes. That caused treasuries to fall on Wednesday, with shorter maturities leading the decline. However, some of that move was curbed in Asian trading.

- Markets anticipate a further Fed rate increase of 75 bps in July. The apex of the tightening cycle in early 2023 is now estimated to be higher than 3.4%, up from earlier estimates of 3.2%. A dollar indicator remained at around its highest point in more than two years.

- One indication that rising rates might cause a recession and force the Fed to change course in favour of looser monetary policy later next year is the inversion of the US yield curve. Others include a significant decline in commodity prices.