Shares in Asia-Pacific are set to slide after the Fed’s Powell hints at 50 basis point hike for May

Shares in Asia-Pacific are set to slide after the Fed’s Powell hints at 50 basis point hike for May

SINGAPORE — Shares in Asia-Pacific fell in Friday morning trade as investors watch for market reaction to overnight remarks from Chairman . The in Japan led losses among the region's major markets, declining 1.71% as shares of conglomerate dropped more than 2%. The Topix index shed 1.31%. South Korea's traded 1.1% lower. Australian stocks also declined as the dipped 0.97%. MSCI's broadest index of Asia-Pacific shares outside Japan traded 0.51% lower. Fed watch ahead by the central bank as it seeks to bring down inflation. He said the Fed is committed to hiking rates "expeditiously" to tame inflation. "I would say 50 basis points will be on the table for the May meeting," Powell said. Following those comments, expectations for a 50 basis point move in May rose to 97.6%, according to the . U.S. Treasury yields also jumped on the back of Powell's comments. The yield on the benchmark 10-year Treasury note, which started the year near 1.5%, last stood at 2.9328%. Stocks on Wall Street fell overnight stateside, with the S&P 500 slipping about 1.48% to 4,393.66. The Dow Jones Industrial Average shed 368.03 points, or 1.05%, to 34,792.76. The tech-heavy Nasdaq Composite lagged, dropping 2.07% to 13,174.65.