Asian shares tumbled, the dollar held firm and the U.S. yield curve was deeply inverted on Wednesday, as a white-hot U.S. inflation report dashed hopes for a peak in inflation and fuelled bets that interest rates may have to be raised higher and for longer.
"Markets have reacted violently to what I would consider to be a modest miss in U.S. CPI. Stocks and bonds were smoked, taken to the principal's office for a good old-fashioned, old-school pre-woke thrashing," said Scott Rundell, chief investment officer at Mutual Limited.
"We now expect the FOMC to follow up July's large 75bps rate increase with a similar 75bps move in November and another 50bps in December to 4.25-4.50% ." It hovered close to its 24-year peak against the rate-sensitive Japanese yen at 144.57 yen. The yen has been a victim of the dovish monetary stance from the Bank of Japan, in contrast with rate hikes elsewhere.
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