Photo: Reuters/Lucas Jackson

Jerome Powell, chairman of the US Federal Reserve, waited until Representative Carolyn Maloney, a Democrat from New York, asked him about the number of likely interest-rate increases during 2018 to take the opportunity to hint that four increases of 25 basis points each were likely because of a strengthening US economy, rather than the consensus estimate of three. That pushed the 10-year yield up by 5 basis points and erased about a third of Tuesday’s gain in the US stock market.

Asia Times Financial is now live. Linking accurate news, insightful analysis and local knowledge with the ATF China Bond 50 Index, the world's first benchmark cross sector Chinese Bond Indices. Read ATF now.