Asia overnight

Fed officials continue to speak out against investor thoughts of a Fed pivot towards
a less hawkish stance. Indeed, one of the least hawkish members on the FOMC,
Charles Evans, said the Fed Funds rate would have to go to 4.50-4.75% by Spring 2023. Hawk Loretta Mester noted that the US is in an unacceptably high inflation
environment. Therefore, thoughts of a Fed pivot have all but disappeared from the
market ahead of the US non-farm payrolls data, which left Asian bourses and S&P
500 futures trading lower at the time of writing. G10 FX traded in tight ranges with
the GBP and NZD modest underperformers against a slightly softer USD. The JPY
and CHF were modest outperformers.

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