ASX drops as bond yields climb

ASX dives as bond yields soar and domestic jobs data comes in much stronger than expected.

The FOMC said the pandemic still “poses considerable risks to the economic outlook.” Picture: NCA NewsWire / Gaye Gerard

ASX dives as bond yields soar and domestic jobs data comes in much stronger than expected.

Early this morning the US Federal Reserve boosted the mean growth estimate by more than two points to 6.5pc and while faster growth will also cause inflation to rise to 2.4pc, the projections from members of the policy-setting Federal Open Market Committee (FOMC) showed they do not expect to raise their benchmark interest rate through at least 2023.