Bonds Slide as Dollar Climbs on Tax Plan, Economy: Markets Wrap

Stocks in Japan and Australia were buoyed at the open by optimism over the health of the U.S. economy and President Donald Trump’s tax-cut plan that pushed Treasury yields higher with the dollar and U.S. equities.

Australian bonds joined a global sell-off and Treasury yields reached the highest levels in two months as investors raised their expectations for the Federal Reserve to raise rates one more time this year despite some of Chair Janet Yellen’s colleagues continuing to push back at her contention more hikes are on the way. Bitcoin extended its rally this week to 15 percent as Morgan Stanley CEO James Gorman said it’s “certainly something more than just a fad.”

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