"Powell and Yellen's Mixed Messages Spook Markets"

The Asian open on Thursday may hinge on which of the conflicting narratives thrown up by late U.S. trading on Wednesday investors choose to run with: the Fed's 'dovish hike', or Treasury Secretary Janet Yellen's remarks on the banking system. Implied U.S. rates and Treasury bond yields fell sharply after the Fed raised rates by a quarter point and Chair Jerome Powell said policymakers had considered a pause in light of the recent turmoil in the domestic banking system.