“The market has been trying to anticipate when the Fed is going to hike, how fast and how far.”
MSCI’s world equity index was heading for its largest annual drop since the global financial crisis of 2008, when it slid more than 40 percent. China’s health system has been under stress due to soaring cases since the country started dismantling its “zero-COVID” policy at the start of the month, with several countries imposing or considering imposing curbs on travelers from China.The dollar has gained more than 8 percent over the year, but it lost more than 7 percent this quarter on expectations the Fed may not raise rates as high as previously feared.
“Averting a downturn is a tall order,” said Vishnu Varathan, head of economics and strategy at Mizuho Bank, noting that the odds are stacked against economies emerging unscathed from global policy tightening.
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