(Bloomberg) — Asian stocks were steady and U.S. equity futures edged lower Monday as traders weighed inflation risks and Janet Yellen’s comments on higher interest rates. Ten-year U.S. Treasury yields and the dollar ticked up.

Shares inched higher in Japan and dipped in Hong Kong, while S&P 500, Nasdaq 100 and European contracts were in the red. Treasury Secretary Yellen said President Joe Biden should push forward with his spending plans even if they spark inflation that persists into next year, adding a “slightly higher” interest rate environment would be a “plus.”

Investors continue to assess whether price pressures will lead central banks to pare stimulus earlier than expected. The S&P 500 rose toward a record Friday on a jobs report that showed a pickup in hiring but fell short of estimates, suggesting ongoing scope for policy support.

Meanwhile, the Group of Seven rich nations secured a landmark deal that could help countries collect more taxes from big firms and enable governments to impose levies on U.S. tech giants such as Amazon.com Inc. and Facebook Inc.

Speculation continues that the U.S. recovery from the pandemic may be strong enough to prompt Federal Reserve discussions in the weeks ahead on tapering asset purchases. Traders are looking ahead to the U.S. consumer-price index report Thursday for more clues.

“The slightly softer-than-expected rise in U.S. payroll employment in May probably won’t change the Fed’s thinking, but another pickup in CPI inflation likely to be reported on Thursday will further spur the taper talk,” Shane Oliver, head of investment strategy and chief economist at AMP Capital, wrote in a note.

Trade data from China showed exports continued to surge in May, although at a slower pace than the previous month, fueled by strong global demand.

Oil in New York touched $70 a barrel for the first time since October 2018 before falling back. Bitcoin traded around $36,000 after declining over the weekend amid a cryptocurrency crackdown in China.

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For market commentary, follow the MLIV blog.

Here are key events to watch this week:

Apple holds its annual Worldwide Developers Conference (WWDC) virtually for a second year, to announce new hardware and software and work with developers. Through June 11.European Central Bank decision on Thursday and press conference with President Christine Lagarde.Iran nuclear deal talks reconvene in Vienna Thursday.U.S. consumer price index on Thursday.Group of Seven leaders’ summit starts in Cornwall, England Friday.

These are some of the main moves in markets:

Stocks

S&P 500 futures dipped 0.2% as of 7:15 a.m. in London. The index rose 0.9% FridayNasdaq 100 futures fell 0.2%. The gauge climbed 1.8%Japan’s Topix index was little changedAustralia’s S&P/ASX 200 Index fell 0.2%South Korea’s Kospi Index added 0.4%Hong Kong’s Hang Seng Index fell 0.6%China’s Shanghai Composite Index was steadyEuro Stoxx 50 futures dipped 0.1%

Currencies

The yen was at 109.48 per dollarThe offshore yuan was at 6.3966 per dollar, down 0.1%The Bloomberg Dollar Spot Index rose less than 0.1%The euro was at $1.2160

Bonds

The yield on 10-year Treasuries rose about two basis points to 1.57%Australia’s 10-year bond yield fell five basis points to 1.64%

Commodities

West Texas Intermediate crude shed 0.6% to $69.20 a barrelGold was at $1,884.24 an ounce, down 0.4%

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