A jogger runs past the Federal Reserve building in Washington, DC, the US. Picture: CHRIS WATTIE/REUTERS
In addition to serving as a barometer for mortgage rates and other financial instruments, higher borrowing costs also tend to hurt company share prices, as they make it more expensive to pursue expansion plans. However, Facebook parent Meta Platforms climbed 1.4% after falling 9.8% in April, while Microsoft and Nvidia gained 0.5% and 0.3%, respectively, after sharp declines in April.
The US Fed looks set to deliver a series of aggressive interest rate hikes at least until the summer to curb surging prices, with traders seeing a 92.8% chance of a 50 basis point hike on Wednesday when the policy decision will be released.
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US 10-year Treasury yield hits 3% for first time since 2018US stocks fall ahead of Federal Reserve meeting this week I'm really grateful for all the efforts you have render to me with my little investment of R10,000 and with joy over me after withdrawing R100,000 with your help Williamchurch07 thank you for everything you have done for me and my family Williamchurch07
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