Federal Reserve chief Jerome Powell warned about the impact of banking turmoil on the broader economyNEW YORK - Wall Street bounced but European markets wobbled Thursday as investors weighed fresh interest rate hikes by central banks and signs of a possible pause in US monetary tightening following turmoil in the banking sector.
Switzerland's central bank went with a half-percentage-point increase as it declared that authorities had"put a halt to the crisis" at Credit Suisse after co-engineering the embattled bank's buyout by domestic rival UBS over the weekend. Wall Street's main indices were higher at midday Thursday after slumping a day earlier following the Fed's rate announcement.
Fed chief Jerome Powell warned Wednesday that the banking sector's woes were likely to bring"tighter credit conditions for households and businesses" that would affect"economic outcomes".But the Fed also signalled it could soon pause rate hikes as its accompanying statement replaced a previous warning about the need for"ongoing increases" with a conditional one saying"some additional policy firming may be appropriate".
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