SINGAPORE: Asian stocks slumped on Friday, tracking tech-led declines on Wall Street after hotter-than-forecast U.S. inflation knocked back bets for how soon and often the Federal Reserve will cut interest rates.
U.S. benchmark bond yields held near the 4.3% level they reached on Thursday for the first time this month, following their biggest jump in three months. The dollar advanced to its highest since March 5 against a basket of major peers.
