The US may need another rate hike or two in 2023.

Global markets experienced their largest weekly decline in more than three months as central banks raised interest rates, which increased bond yields and stoked concerns about an impending recession.

The biggest losses in Asia were in Hong Kong.

Despite US Treasury Secretary Janet Yellen’s assertion that the probability of a US economic slowdown is decreasing, European market futures and US index contracts both fell by approximately 0.5% on Friday.

Hong Kong suffered the largest loss in Asia, and Friday’s decline brought the losing streak to four days in a row amid worries that even if China did increase its economic assistance, it would not have a significant influence on markets.

As investors fret over regulatory uncertainty and geopolitical concerns, Beijing is attempting to moderate the economy and keep growth at or just above 5%, according to the head of economics and strategy at Mizuho Bank Ltd. The Singaporean Vishnu Varatan

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