Asian stock markets fell across the board and yields soared after the Fed issued a hawkish signal. The Nikkei 225 index fell about 1 per cent and South Korea's Kospi index fell 0.7 per cent.S & P indexFutures hit Wednesday's lowNASDAQIndex futures fell 0.9% at one point. The continued strength of the dollar came as Asian emerging market currencies the South Korean won, ringgit and Thai baht were the hardest hit. The New Zealand dollar bucked the trend by 0.5%, and a stronger-than-expected New Zealand GDP report pushed the country's 10-year yield up 12 basis points.

The yield on 10-year Treasuries rose 1 basis point to around 1.58 per cent. The yield on 10-year Australian government bonds rose 8 basis points and Lowe, governor of the Reserve Bank of Australia, reiterated the message in the minutes of the June meeting that some forms of quantitative easing would continue. In commodities, WTI crude fell 0.9 per cent and gold rose 0.3 per cent.