Asian shares slid sharply and the safe-haven dollar held near a two-decade peak on Tuesday after Wall Street hit a confirmed bear market milestone on fears aggressive U.S. interest rate hikes would push the world's largest economy into recession.
The benchmark S&P 500 is now down more than 20% from its most recent record closing high, confirming a bear market, according to a commonly used definition.
The yield on benchmark 10-year Treasury notes rose to 3.3466% compared with its U.S. close of 3.371% on Monday. The two-year yield , which rises with traders' expectations of higher Fed fund rates, touched 3.3804% compared with a U.S. close of 3.281%.
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