Five Things You Need to Know to Start Your Day: Asia

Good morning. The Fed pushes back on bets for a March rate cut, Treasury yields take a dive and Boeing’s boss apologizes. Here’s what’s moving markets. — Isabelle Lee

The Federal Reserve held interest rates steady for a fourth-straight meeting as expected. Chair Jerome Powell dashed investors’ hopes that officials would begin any easing of policy in March, though he signaled the central bank is open to cutting borrowing costs eventually. “Based on the meeting today, I would tell you that I don’t think it’s likely that the committee will reach a level of confidence by the time of the March meeting,” he said. Powell acknowledged the dramatic inflation progress so far, but reiterated the need to see “more” data confirming that trend. US stocks saw their biggest Fed decision day decline since March, with the S&P 500 falling about 1.5% and big tech in the vanguard of the move lower.