- Stocks fell in Asia, and bond yields rose, as investors worried that high inflation and aggressive monetary policy might slow the global economy further. Shares fell in Japan, Australia, and China, with Hong Kong's market benchmark set to settle at its lowest level since 2009.

- The 10-yr yield in Japan has once again risen above the 0.25% upper limit of the central bank's target range, prompting the bank to announce unscheduled bond purchases to rein it in.

- Meanwhile, the yen traded near levels last seen in 1990, just shy of the critical milestone of 150 vs the US dollar. Traders are on high alert for potential government intervention to support the currency.

- The offshore yuan was at a new record low, while an index of Chinese companies listed in the US fell more than 7% on Wednesday, reaching its lowest level in nine years. Investors are concerned about China's economic future and an increase in Covid cases during the twice-decade party congress.

- Government bond yields in Australia and New Zealand increased by more than 10 bps, following a similar move in US treasuries on Wednesday. Thursday's US yields were barely altered, putting the policy-sensitive 2-yr bond yield near its highest level since 2007.

Higher treasury yields supported the dollar, which was higher against its major peers and Asian emerging-market currencies.

- Fed's Bullard predicted that the central bank will halt its front-loading of aggressive interest-rate hikes by early next year and turn to keep policy appropriately restrictive with moderate changes as inflation cools.

- The Fed is likely to raise interest rates by 75 bps at its meeting on November 1-2, the fourth consecutive hike of that magnitude, as central bankers aim to moderate the fastest inflation in four decades.