China stocks remained under pressure, with uncertainties about a recovery in the world’s second-biggest economy keeping investors on the fence. Krosby said in an email the minutes underscored an “uncertain” policy path suggesting expectations for a rate cut in March may need to be ratcheted down further. Goldman Sachs analysts though still expect the first rate cut in March and five total cuts in the year, calling the comments in the minutes dovish. Fed officials in December predicted 75 bps of rate cuts in 2024, driving money-market bets for around double that amount amid market optimism that spurred a year-end rally in stocks and bonds. Benchmark 10-year Treasury yields briefly climbed above 4% on Wednesday before heading lower and were last at 3.920% in Asian hours.
