Treasuries decline as Powell adds to jobs blow
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Treasuries resumed a sell-off and most Asian equities fell after Federal Reserve chair Jerome Powell said policymakers will likely wait beyond March before cutting interest rates. The US 10-year yield climbed as much as seven basis points as Powell spoke, extending its advance made Friday when the benchmark rose 14 basis points. The Treasury declines rippled across Asian bond markets, weighing on government debt in Australia and New Zealand, where yields rose around 10 basis points. Asian equities and US share futures trended lower, while Japanese equities rose. The dollar strengthened against most major peers. Investor bets for a rate cut in March by the Fed tumbled Friday to around 20% from almost 40% on Thursday. Oil was little changed as traders gauged the impact of US and UK strikes against Houthi targets over the weekend. Gold fell slightly. Former US president Donald Trump also signaled he may impose a tariff on Chinese goods of more than 60% if elected.

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