Jerome Powell’s hawkish pivot at Jackson Hole to roil Asian market open on Monday
Friday’s US slump further shriveled a global bounce in shares from June bear-market lows that was predicated partly on bets of a Fed shift to rate cuts next year as growth slows. Powell spelled out the need for sustained restrictive policy, comments that lifted the US two-year Treasury yield toward 2022’s high and sent investors scurrying to the dollar as a shelter from volatility.
