Analysis-As banks break, markets hear the sound of peaking rates

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By Tom Westbrook SINGAPORE (Reuters) – Investors scrambled to pull down global rate expectations on Monday and abandoned wagers on steep U.S. hikes next week, reckoning the biggest American bank failure since the financial crisis will make policymakers think twice. On Sunday, the U.S. administration took emergency steps to shore up banking confidence, guaranteeing deposits after withdrawals overwhelmed Silicon Valley Bank and closing under-pressure lender Signature Bank in New York. But while stock futures rose in relief, bond markets opened in Asia with a furious race to re-price rate expecta…

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