Wall Street fell with stocks across Europe after central banks there followed up on the Federal Reserve’s interest-rate hike on Wednesday.
The Bank of England raised its key rate for the fifth time since December, though it opted for a more modest 0.25 percentage points than the 0.75-point hammer brought by the Fed.
“The clear read-through here is the FOMC has unleashed the central bank Hawkish Genie from the bottle, and we should expect more aggressive follow-through from other central banks except those who are economically challenged,” Stephen Innes of SPI Asset Management said in a commentary. The worries dragged the S&P 500 into a bear market earlier this week, meaning it had dropped more than 20% from its peak. It’s now more than 23% below its record set early this year, and it’s back to where it was in late 2020.
“Corporate earnings estimates have not yet changed to reflect some of the softening economic data and that could lead to the second leg of this repricing,” Northey said. Higher rates have been delivering the hardest hits to the investments that soared the most through the pandemic, benefiting from the easy, ultralow rates. That includes bitcoin and high-growth technology stocks.
Powell said Wednesday the Fed is moving “expeditiously” to get rates closer to normal levels after last week’s stunning report that showed inflation at the consumer level unexpectedly accelerated last month, which dashed hopes that inflation may have already peaked.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Biden knocks Wall Street, defends economic plans amid recession fearsPHILADELPHIA (Reuters) -U.S. President Joe Biden blasted Wall Street and Republicans, while making a full-throated defense of his economic plans to thousands of union members in Philadelphia on Tuesday, as he seeks to improve dismal approval ratings amid high inflation and fears of recession. Often raising his voice to a yell, Biden vowed to continue to pursue billionaires and corporations that his administration says underpay billions of dollars in taxes each year, and to pursue economic policies aimed at shrinking U.S. inequality. 'Our work isn't done,' Biden said.
Consulte Mais informação »
Tips to survive rising prices and a bear market on Wall StreetRising prices on everything from gas to food and stock market woes have many families wondering what to do during times like these.
Consulte Mais informação »
The Fed is about to jack up interest rates, Wall Street saysThe Federal Reserve may be set to announce the biggest rate hike since the 1990s. Here's how that would impact your wallet.
Consulte Mais informação »
Asian markets rise after Fed assurance on rates lifts Wall StreetAsian shares advanced Thursday after the Federal Reserve raised its key interest rate by three-quarters of a point and signaled more rate hikes were coming...
Consulte Mais informação »
15 Years on the Street: Catching Up With Street Style Legends Tommy Ton and Phil OhSince 2007, Tommy Ton and Phil Oh have been street style dominant photographers. They look back on their careers with Vogue and look forward to what's next.
Consulte Mais informação »
Cancer: High Street pharmacists to make referralsHundreds of pharmacists in England are being given powers to send patients for cancer scans and tests.
Consulte Mais informação »