Markets sink after Federal Reserve Chairman promises further rate hikes
Release Date:
The cost of borrowing dollars is going to continue to increase, and that's bad news for Asian stocks. Hong Kong's index fell 2 percent on Wednesday. The rout in equities came after Federal Reserve Chairman Jerome Powell told US congress that interest rate hikes will continue. That's after a recent report showed prices for consumers started rising again. That dashed hopes the US economy could avoid a recession while still taming inflation. Crucial bond market indicators are also flashing red- signaling that a contraction may now be inevitable.
#Fed #Powell #InterestRates
Markets sink after Federal Reserve Chairman promises further rate hikes