US yields rise, Asian shares slump as Fed Chair Powell warns on inflation

The Federal Reserve has indicated it is likely to raise U.S. interest rates in March, as has been widely expected

Asian shares tumbled to their lowest in nearly 15 months, short-term U.S. yields rose to 23-month highs and the dollar strengthened on Thursday after the Federal Reserve's chairman signalled plans to steadily tighten policy. At the same time, rising investor concerns over political tensions between Russia and Ukraine exacerbated worries over tight energy market supply, keeping oil prices elevated at multi-year highs despite some profit-taking.

In its latest policy update on Wednesday, the Fed indicated it is likely to raise U.S. interest rates in March, as has been widely expected, and reaffirmed plans to end its bond purchases that month