Global Markets Feel Ripple Effects of Surging U.S. Bond Yields

U.S. Treasuries came within a whisker of trading above 5% on Thursday, weighing on Asian markets
Investors await inflation data from Japan, Malaysia, Hong Kong; remarks from BOJ governor; China interest rate decision
U.S. 10-year yield has shot up 35 bps this week, on track for biggest weekly rise in over a decade
2s/10s yield curve has steepened 27 bps, which would be biggest weekly steepening since March
Fed Chair Powell said signs of strong growth or labor market could warrant more tightening, sparking bond yield surge