A look at the day ahead in Asian markets from Jamie McGeever.
Analysts expect one more 25 basis point increase in the second quarter of the year, leaving the cash rate at 3.85%, its highest since 2012. If policymakers are to err on one side or the other, it will likely be on the hawkish side.
Tuesday's focus rests squarely on the first of two Congressional appearances this week from Powell. Rates and bond market pricing suggests traders expect him to deliver hawkish testimony to lawmakers - the implied terminal rate is holding around 5.50% and traders are a putting near one-in-three chance of a half-point rate hike this month.
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