MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.76%, with most markets in the red, though a resurgence in property stocks helped greater China markets. U.S. consumer prices surged 7.5% last month on a year-over-year basis, topping economists’ estimates of 7.3% and marking the biggest annual increase in inflation in 40 years. St. Louis Federal Reserve Bank President James Bullard said the data had made him ‘dramatically’ more hawkish. Bullard, a voting member of the Fed’s rate-setting committee this year, said he now wanted a full percentage point of interest rate hikes by July 1. The yield on benchmark hit 2% for the first time since August 2019. . . .
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