SYDNEY : Asian financial markets were little changed on Tuesday as investors awaited congressional testimony from Federal Reserve Chair Jerome Powell due to start later in the day for clues on the central bank's next move on interest rates.MSCI's broadest index of Asia-Pacific shares outside Japan was fla
SYDNEY : Asian financial markets were little changed on Tuesday as investors awaited congressional testimony from Federal Reserve Chair Jerome Powell due to start later in the day for clues on the central bank's next move on interest rates.
The two-year yield, which rises with traders' expectations of higher Fed fund rates, touched 4.8945 per cent compared with a U.S. close of 4.894 per cent. "The lack of any new stimulus measures meant China is currently content with just stabilising its economy, a move which wasn't seen as supportive for global growth," Ord Minnett analysts said.The Reserve Bank of Australia is tipped to order its tenth consecutive interest rate rise today at 2.30pm AEDT and raise the official cash rate by 25 basis points to 3.6 per cent.
The Fed's Powell is due to deliver his semi-annual testimony before Congress on Tuesday and Wednesday, which will be closely watched for clues regarding the extent and duration of the U.S. central bank's restrictive monetary policy aimed at curbing inflation. "In the next couple of days the congressional testimony will be critical for markets. Investors have repriced what they think the Fed will do with interest rates in March and into the second quarter," said Tai Hui, JPMorgan Asset Management's chief Asian market strategist.
"It's a very slight recession in the scheme of things. I don't think you'll see a deep recession," he said.
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