Markets rally fades as traders nervously await Powell speech

Asian markets drifted between gains and losses Wednesday with traders struggling to maintain momentum from the previous day’s much-needed bounce as they contemplate an extended period of elevated interest rates.

Sentiment has taken a hit in recent weeks owing to a spike in US Treasury yields to around 15-year highs, fuelled by expectations that a strong economy will allow the Federal Reserve to stick to its campaign of monetary tightening.

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