- Asian stocks fell after Fed's Powell said the Fed would raise interest rates more than previously expected, sapping risk appetite and sending global equities to their worst day in nearly a month.
- benchmark equity indices China, South Korea, and Australia all fell in response to the 2.5% drop in the S&P 500. Declines in Hong Kong and on mainland China followed the government's confirmation of its covid-zero stance.
- For the fourth time in a row, the Fed raised interest rates by 75bps, bringing the top of its target range to 4%, the highest level since 2008. Traders immediately increased the market-implied interest rate peak for next year.
- After Fed's Powell spoke, two-year US yields, which are more sensitive to imminent Fed moves, reversed course and pushed higher. With Japan on vacation, there was no cash trading of treasuries in Asia.
