Asian stocks declined on Friday as a jump in U.S. bond yields following a disappointing Treasury auction coupled with Fed Chair Jerome Powell's cautious comments on the rate hike path dashed expectations of a peak in U.S. interest rates.
Echoing recent hawkish statements from several officials, Powell said on Thursday that the Fed isn't yet confident they had reached a sufficiently restrictive level of monetary policy to bring inflation down to the 2 percent target.
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