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INTRODUCTION The Federal Reserve raised interest rates by three-quarters of a percentage point for the fourth straight time on Wednesday, extending its most aggressive tightening campaign since the 1980s 1 . On the assumption that the Federal Reserve would continue to raise interest rates aggressively, Treasury yields are on the rise. The Fed rate hike coincides along with the anticipation of a future slowdown in the Fed's tightening of policy as it evaluates the economic pressures of tighter credit with the risk of persistently rising inflation 2  . ASIAN MARKETS AT A GLANCE Recently in its October report, IMF had reduced its growth forecast for Asian markets to 4% for 2022 and 4.3% for 2023 3  amidst a tightening of global economic conditions, rising bond yields and currency depreciation. Asian shares have underperformed in October as investors stress about a looming recession. Hong Kong stocks ended the month of October with a loss of more than 14% and are currently trading near