U.S. and European equity futures rose Wednesday and Asian stocks edged up. Treasuries trimmed a rally spurred by Federal Reserve officials again predicting transitory price pressures.

MSCI Inc.’s Asia-Pacific share gauge climbed for a fifth day amid modest gains in Hong Kong and China, where the onshore yuan hit the highest level since June 2018. Wall Street stocks were hampered overnight by softer new home sales and consumer confidence data.

Treasury yields are well below this year’s highs, with more Fed officials joining a chorus downplaying price pressures. The dollar slipped. Oil was steady and gold erased 2021 losses. Bitcoin climbed toward $40,000 in a partial recovery from last week’s crypto rout.

New Zealand’s dollar jumped after the central bank projected interest rates may rise in the second half of next year if the economy continues to recover from the pandemic.

Signs of quickening inflation are giving investors pause for thought as they consider the outlook for the exceptional stimulus buoying markets. Fed Vice Chair Richard Clarida said price pressures in the U.S. would largely be transitory. He added officials may be ready to begin discussing how to taper asset purchases “in upcoming meetings,” echoing recent Fed minutes.

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