- During Asian trade on Thursday, shares were mixed, and US stock futures dipped as investors evaluated the risk of higher rate hikes.
- Shares rose 1% in Japan, reversed gains in South Korea, and fluctuated between gains and losses in Hong Kong and Australia. The dollar was little altered at its year high, while government yields were lofty, albeit slightly lower than on Wednesday.
- While contracts for the S&P 500 and the Nasdaq extended modest falls following news that Biden is proposing tax increases on billionaires, wealthy investors, and companies, his plans have little chance of being approved by Congress.
- Investors are still digesting Fed's Powell's comments about future rate hikes and the likelihood of a recession. While the Fed Chairman informed legislators that no decision had been taken on the timing of the next step, he reaffirmed that an acceleration in tightening was still on the table and that rates could rise sooner than expected if economic evidence warranted.
- The comments came as another round of US job numbers came in above expectations, boosting betting that officials will remain hawkish.
