- A relief rally lifted Asian stocks and currencies as traders assessed when the Federal Reserve's record tightening drive might peak.
- Tech companies led the surge in equity benchmarks, which spread from Sydney to Hong Kong. Emerging-market currencies saw gains led by the South Korean won and the yen. US stock futures began to rise.
- A surge in long-term Treasury yields suggests that the Federal Reserve is less inclined to tighten policy, which is a relief to investors who had been pummeled by predictions of higher-for-longer US rates. Chair Jerome Powell said that a pause provides the central bank time to determine whether it has to take further action to control inflation, even if they left the door open for another increase.
- Bonds in the area rebounded on Wednesday as Treasury 10-year yields fell 20 basis points. With a 25 basis-point drop, New Zealand's yields led the decline, and even Japanese government bond yields decreased in spite of the country's lackluster demand at its first bond sale since the central bank relaxed its yield curve control policy on Tuesday.
