美联储加息后全球市场反应及亚洲资产走势

Inflation remains elevated. Today's policy action will support a timely return to the committee's 2% goal. I would be hard pressed to describe broad financial conditions as restrictive. This view was widely shared by the committee, so we removed a dose of accommodation. Interest rates are too high. They're not appropriate and I don't. I talked to Kevin and I said, you might as well vote with the board because it's not going to matter.

The interest rates are too high. We should be paying the lowest interest rate anywhere in the world because we have the strongest credit. President Trump pushes back after the fed raised rates for the first time since 2023, with chairman Kevin Warsh arguing that more is needed to keep inflation in check. So should the president and the markets brace for more hikes ahead. Live from Singapore that is inside with Haslinda Amin, where we dive deeper into the stories that matter with crucial context and shop analysis.

Fed Chairman Kevin Walsh's determination to tackle inflation reassures investors as global bond yields retreat. After rising to 19 year highs this week on higher oil prices, we'll hear from Jean Soroca, the executive director of the Port of Los Angeles, the US's busiest container hub, on how global trade will fare with higher rates and fuel prices. And later, an exclusive interview with Thailand's energy minister as oil remains above $100 a barrel despite signs that Middle East supply disruptions may begin to ease.

Asian markets are digesting the asset implications from the fed. FX continues to be under pressure while front end bonds are being sold as well. And in the equities world, Japan and Taiwan are heading into their own rate decisions with firm stock markets, while South Korea and Hong Kong struggle for direction. Let's bring in Bloomberg Markets reporter Anthony Stephens now think this is pretty much well telegraph. Yet we're seeing significant movement in the markets.

Yeah. It's been an interesting uh, reaction function from Asian markets to the fed. Right. We have the the kind of dynamic about establishing the Fed's credibility in terms of tamping down inflation and stopping the slide in bonds and missing some elements of success there in Australia and in Korea. And in the two year continuing in the US, you're seeing the bond slide kind of abate a little bit. But we do continue to see pressure in Japan as they face down the decision later this week.

Now flip the board and you can see how that's playing out into Asian FX. Asian FX has to contend with a pretty bullish picture on the American economy while fighting inflation. So that bodes really well for the dollar. And it's causing a bit of a mixed reaction here across the region. So you did see the yen weaken materially overnight. And you see the Korean want continuing to sell off into our session. It's a bit more mixed for China because the PBoC is not looking like they're likely to ease.

So that might be the most stable currency in Asia. There is some debate whether that stability makes it a funding currency, but for now it is quite stable. Now flip the board and you can see how different the equity world looks, because now the equity world has a target to aim at. We know what the rate part is going to look like. So now investors are picking up what are the what are the sectors strong enough to grow past those yields.

Right. And they've established that farmer could be one. You see a AI driven farmer name really strong in Hong Kong Jen script. And then you have the interconnects between the I servers. So that's, uh, Yankee Optical that follows on from a very strong move in the optical space in the US of around 9%. And lastly, you have all these Taiwanese kind of component names. They've been throwing off billionaires in the likes of King Slide.

And that team continues now that they have a yield target to play with. Taiwan is very strong today to lead the entire region. Anthony. Thank you. Bloomberg Markets reporter Anthony Stevens for us. Let's get more market insights with. Thanks so much to group CIO of a Mondi which manages $3 trillion in assets. Good morning. So you think uh, the market reaction. Uh, it's pretty expected. Yes, to an extent, because I think the market is still a bit torn between, uh, what uh, Kevin Walsh said, which was quite a quiche and what the plots are telling, which is more dovish actually.

And so we have seen this yesterday in the election. Um, it was first, you know, a positive with a race going down and uh, you could see markets are being, uh, still up. But then during the press conference the markets start to replace and to, to adjust. And I think given what is a tough job to do because, uh, I mean, the US economy cannot radio for much higher rates. Will higher rates really have an impact on inflation is not true.

But you wanted to play this credibility. Um, and that's why I mean, uh, even though there is no forward guidance. But I think the plots are telling a message, which is quite important. So it's a kind of small print of like, neutral, which is a start of, uh, of a cycle of eggs. And I believe it would be a big mistake to in turn to that That's a. That's right. So much for no forward guidance. When you take a look at the dot plot it is suggesting another hike.

Yes. The question is how many more hikes because some suggest it could be one more this year. Some say two. And then a pause. Yeah. I mean. I was going to come to say no, I was so appropriate because inefficient data for the data, the inflationary pressure that there. So you know, with higher income rates is where housing market is cooling down and housing is important for inflation services, uh, inflation is also cooling down in US.

And so of course energy is a ruler, um, but less and less in the economy. And at the end, if you are to 2.53% inflation, is it a big deal? I'm not totally sure. And we'll, uh, 25 beeps or 50 beeps of fire. Short-Term rates of an impact really on inflation. It remains to be seen if you have an impact on the cost. For the Treasury to borrow short term money. And as you may know today, it is a most important channel to refinance the U.S. state.

T-bills, treasuries. And so here to dive and direct and focus on the cause of the deficit. So that's why I think that's why Trump is very nervous because, uh, he's a businessman, you know, second. He knows that Teo short term rates equal higher interest payment at the moment where the deficit is super high. Uh, no sign of reduction of deficit. And so the resumes with bill will increase for those of US state. But what seems to be quite confident about the U.S. economy, he says part of the reason why we're seeing higher along in yields is because the economy is doing really well.

It's resilient. And CapEx also shows that resilience in the economy. Yes, that's the short term picture. You can see long term rates Higher are driven by a strong economy. That's partly true, but also more and more we see in the long term end of the curve. So ten year, but also, uh, so to you, um, more risk premium embedded into that because the US economy and US debt is less and less sustainable. So it's normal that you put your risk premium.

Treasuries. Uh, despite what Trump is saying. No longer seen as a safe event asset. And because the level of debt to GDP the a deficit which is, which is running um, it's not much that people are investors are asking for more remuneration to lend money. And on top of that, you've got to be competition coming from a basket of typically or other states because, uh, many states are running deficits. So there are many, many a debt to be issued and be bold and sweet.

There is a competition that was mentioned at studio between builders, and so the investors will weed arbitrate and whatever is not signature to fill on demand. But on the question right now is where do yields go from here? A ten year yield currently just shy of 5%. Yeah, yeah 5% is an important questio

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