Morning edition · Wednesday, 11 November 2026
Podium vs Print: "Excess inflation is unacceptable" and a Kospi up 0.70%
A Fed president asked for at least two more rate rises, possibly fast. By Wednesday morning Asia's chip screens had read the speech, noted it, and bought anyway. The bond screens were less forgiving.
“The FOMC "needs to implement at least two more 25-basis-point rate increases". "Excess inflation is unacceptable."”
Lorie Logan, President of the Federal Reserve Bank of Dallas, in remarks prepared for an energy conference of the Dallas and Kansas City Fed banks, as reported by Reuters, Tuesday 10 November 2026, after the US consumer price index for October
+0.70% to 5,275.92
Tokyo's Nikkei was up 0.76% at 60,921.60 at the same moment; Hong Kong's Hang Seng was down 0.68% and Shanghai down 0.28%.
South Korea's Kospi, as reported by Kaohoon International, Wednesday 11 November 2026, 09:28 Bangkok time (03:28 CET)
The podium. On Tuesday, after October’s price figures, Dallas Fed President Lorie Logan told an energy conference that the Fed “needs to implement at least two more 25-basis-point rate increases”, Reuters reports1. “Excess inflation is unacceptable,” she said, adding that “it may be possible to move more rapidly this winter than the FOMC has moved so far this fall”1. The Fed’s next meeting is on 8–9 December1.
The print. At 03:28 CET on Wednesday, Seoul’s Kospi was up 0.70% at 5,275.92 and Tokyo’s Nikkei up 0.76% at 60,921.60, while Hong Kong’s Hang Seng was down 0.68% and Shanghai down 0.28%2. Nasdaq 100 futures rose 1.2%, recouping the index’s loss in regular trading, after AI computing provider CoreWeave beat estimates and raised its annual forecast3. In Seoul, SK Hynix rose 3.6% and Samsung Electronics 2.4%4.
Bar chart of Wednesday 11 November 2026 percentage changes in Asia at 03:28 CET, per Kaohoon International: Nikkei up 0.76 percent to 60,921.60, Kospi up 0.70 percent to 5,275.92, ASX 200 up 0.02 percent to 9,130.80, Shanghai Composite down 0.28 percent to 3,653.57, Shenzhen Component down 0.48 percent to 11,187.24 and Hang Seng down 0.68 percent to 24,389.57. These are intraday snapshot levels, not closes.
Source Kaohoon International, 'Asia-Pacific Markets Trade Mixed as Investors Assess US Inflation and Rate Direction', levels at 09:28 Bangkok time (03:28 CET), 11 Nov 2026; intraday snapshot, not closing levels; retrieved 11 Nov 2026 · reported figures. Figures as reported by the named organisations; facts cited with attribution.
Data (CSV) · SVG · PNG
Latest values as a table
| Value | |
|---|---|
| Nikkei (Japan) rise | 0.76% |
| Kospi (South Korea) rise | 0.7% |
| ASX 200 (Australia) rise | 0.02% |
| Shanghai Composite fall | -0.28% |
| Shenzhen Component fall | -0.48% |
| Hang Seng (Hong Kong) fall | -0.68% |
The gap. The screens did not ignore the speech; they priced it where it bites. Japan’s 10-year yield rose 8.5 basis points to 2.765% and Australia’s 10-year six basis points to 5.05%3. Bonds took the Fed president at her word. Chip shares took a quarterly report at its word. Both can be true for a morning. Convera’s Steven Dooley put it plainly: “AI valuations are a hot story, but the main driver is interest rates”3. Wall Street had already given its verdict on Tuesday: the Dow fell 0.30% to 52,231.89, the S&P 500 0.38% to 7,520.93 and the Nasdaq 0.74% to 25,065.872.
What the speech left out. The pace. Logan herself said “the exact pace of increases could depend on the near-term economic and financial environment”1, which is a polite way of saying the screens get a vote too. Oil, the input that started much of this, barely moved: Brent was $92.17 early on Wednesday, up 68 cents, after settling at $91.49 on Tuesday, down $1.082. Desk arithmetic: Wednesday’s early gain recovers about 63% of Tuesday’s fall.
For you. Read the condition, not the headline. A Fed president asked; a committee has not voted. Today the US cash bond market is shut for a holiday3, so Thursday is the first full reply. Nothing here is investment advice.
What to watch
A speech tells you what a committee fears. A price tells you what a crowd will pay to stop worrying.
Sources
- Fed's Logan calls for two more rate hikes, possibly rapidly — Investing.com (Reuters), 10 Nov 2026, 17:00 CET.
- Asia-Pacific Markets Trade Mixed as Investors Assess US Inflation and Rate Direction — Kaohoon International, 11 Nov 2026, 03:28 CET.
- Asian Stocks Climb for a Third Day, Bonds Slump: Markets Wrap — swissinfo.ch (Bloomberg), 11 Nov 2026, 04:29 CET.
- Asian stocks mixed as CoreWeave lifts chipmakers; hot U.S. inflation weighs — Investing.com, 11 Nov 2026, 04:56 CET.
Every figure in this piece traces to a source above or to the desk’s own arithmetic on those sources, marked as such. Quotations are short and attributed. Spot an error? Write to the desk; corrections are logged on the method page.
Commentary for information only. Not investment, legal, tax, medical or political advice. Not an offer or solicitation. Analysis may be incomplete or wrong. Charts show published public data, not a trading feed; binding numbers live with the institutions that publish them.