- Asia's equities were mixed on Tuesday after Treasury yields and the dollar rose in response to Fed's Powell's nomination to lead the Federal Reserve, fueling speculation about a faster removal of monetary stimulus.
- A Hong Kong index of Chinese technology firms fell amid speculation about tougher regulations, while China's market rose. US market futures were volatile after the S&P 500 ended in the negative and the NASDAQ 100 underperformed amid a final hour Wall Street tech selloff.
- Treasury yields fell in US trading hours. Markets anticipate a complete quarter-point rate hike at the June Fed meeting, with a strong possibility of a second hike in September and a third in December to combat inflation. The Fed, according to Powell, will use its instruments to boost the economy and labour market while preventing higher inflation from becoming entrenched.
- House Democrats request that Biden ban oil exports, according to CNN.
- Treasury futures fell somewhat. Due to a holiday in Japan, cash treasuries will not trade in Asia. The dollar was trading around its highest level since September 2020, while the yen went below 115 per dollar for the first time since March 2017.
- Fed's Bostic: In my dot plot for 2022, I may be open to bringing ahead another rate hike if necessary, but I may also be open to pushing them back depending on how the pandemic plays out.
