Global markets are experiencing a downturn as investors pull back on bets for a Federal Reserve rate cut. US stocks and bonds dropped significantly, leading to a ripple effect in Asian markets. The decline in Asian stocks is further exacerbated by rising inflation data from Japan and concerns over interest rates. The US economic data has diminished hopes for a rate cut, causing the dollar to rise and Asian currencies to fall. This situation is highlighted in both the US Market Wrap and Asia Market Wrap.