Asian stocks inched lower on Thursday, while the dollar clung to overnight gains in cautious trading as U.S. Federal Reserve policymakers reiterated their commitment to reining in inflation despite signs of mounting economic headwinds.
Elon Musk doubled down on the price war he started at the end of last year, saying Tesla would prioritise sales growth ahead of profit margins in a weak economy.
The hawkish rhetoric from Fed speakers continued with Federal Reserve Bank of New York President John Williams saying that the inflation rate is still at problematic levels and that the U.S. central bank will act to lower it. The central bank's latest read on the state of the economy provides a snapshot of business, bank and worker conditions in the aftermath of the mid-March failure of two large regional banks that shook confidence in the U.S. financial sector.
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