Asian shares slip, deepen weekly loss after hawkish Fed

SHANGHAI, June 18 (Reuters) – Asian shares extended losses for the week, U.S. Treasury yields climbed and the greenback hovered near two-month highs on Friday as investors digested comments from the U.S. Federal Reserve projecting rate hikes in 2023. While the Fed messaging indicated no clear end to supportive policy measures such as bond-buying, signals of faster-than-expected rate hikes indicated its concern about inflation as the U.S. economy recovers from the COVID-19 pandemic.”What is pretty obvious is that the inflation genie is starting to sneak out of the bottle, and that will be a major driver of interest rates in the short to medium term,” said James McGlew, executive director of corporate stockbroking at Argonaut in Perth.MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) gave up early gains to dip 0.22%, extending declines into a fifth session.

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