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MORNING BIDDING: Markets Suffer Another Setback as Powell Dies Easing Hopes

Asian investors hoping for some relief from soaring U.S. bond yields and a ravaging dollar were deflated by Federal Reserve matron Jerome Powell's remarks on Tuesday, and will likely be on guard in Wednesday's trading. "Rather than giving us greater confidence, the recent data clearly suggests that realizing that confidence may take longer than expected," Powell said in Washington, a signal from the world of the Bubbles that inflation will not fall back to the central bank's 2% target as quickly as expected, and so interest rates will have to stay higher for a longer period of time. The "longer-term move higher" also seems to apply to the US dollar, bond yields and financial condition indices - a suboptimal grouping for Asian assets that are already feeling the heat.

Bank of Montreal's Simmons Executive Director Says U.S. Economy Is Improving, Calls California a 'Strategically Important Market'

Bank of Montreal is expanding rapidly in its southern neighbor, and the bank's chief executive said the U.S. economy is showing signs of stronger-than-expected growth, and California is a strategically important market. Speaking to shareholders at the bank's annual meeting, Bank of Montreal Chief Executive Officer Darryl White said the bank is well-positioned to meet the needs of its customers across the U.S. and Canadian economies in a changing global landscape. Montreal, Canada's third-largest bank by market capitalization, spent $16.3 billion last year to acquire Bank of the West, the largest deal in Canadian banking history.
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