Asian shares were pressured on Friday after lingering banking stability concerns gripped Wall Street, while bonds bet the recent slew of rate hikes by central banks will be among the last of the cycle, allowing for policy relief later in the year.
Janet Yellen
"The bottom line is the Federal Reserve has raised interest rates aggressively, and they will invariably keep going until something breaks. But at the moment, they're not sure whether something's broken or not, despite the turmoil in banks." They have also priced in rate cuts of accumulated 80 basis points to about 4% by the end of the year amid fears that policy tightening and a brewing banking crisis could drive the U.S. economy into a recession, despite push-back from Chair Jerome Powell.
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