Asian markets fall further as US data fans rate fears FMTNews FMTBusiness
Analysts predict that the Fed will keep raising interest rates as long as the data points to a solid economy.
Minutes from the Fed’s last meeting showed officials plan to ramp up borrowing costs again this month, having paused for the first time in more than a year in June, dealing a blow to hopes it was at or near the end of its cycle. The readings pointed to an economy that remained in rude health, even after 10 straight interest rate hikes, and analysts said it solidified bets on a July hike at least.
All three main indexes on Wall Street sank, while European equities suffered their worst day since March during the US regional banking crisis. “As the growth trajectory of the US economy improves, it becomes increasingly more challenging to envision what would cause the Fed to cut rates anytime soon, as many market participants have been anticipating,” he said in a note.
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