Central Bank Meetings to Test Rate Cut Hopes as Asian Stocks Ease

Asian stock markets drifted lower as investors await a week filled with central bank meetings and U.S. inflation data that could impact expectations for rate cuts next year. The Federal Reserve is expected to hold rates steady this week, but the focus will be on the dot plots for rates and Chair Jerome Powell's press conference. The European Central Bank, Bank of England, Norges Bank, and the Swiss National Bank also have meetings this week. Investors are cautious, and the MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.7%. The Treasury market faces a test with $108 billion in new supply, and currency markets are watching the yen and euro. Gold prices fell after the jobs report, while oil prices remained steady.