- Japan lifted an otherwise cautious Asian stock market day, but treasuries remained firm as investors assessed how far the Fed needed to raise interest rates to keep excessive inflation at bay.
- An Asia-pacific share index increased less than 0.5%, helped by a catch-up rise in Japan after a holiday. China and Hong Kong both failed to make headway. After the S&P 500 and Nasdaq 100 fell, US futures varied.
- Shorter maturity treasury yields changed little. The 30-yr note recovered from a Thursday decline caused by mediocre demand at an auction. The dollar gained ground.
- In the most recent US central banker statements, Fed's Daly stated that inflation is too high and that she expects more restrictive monetary policy in 2023. She stated that her baseline is a half-point hike in September, but she is willing to go up to 75 bps if required.
