Asian stocks sink again as inflation panic grips world markets

Expectations for a spike in US interest rates has sent the dollar surging to record or multi-year highs against other currencies.HONG KONG - Equity markets tumbled again on Tuesday to extend a global rout fuelled by fears of recession, with the Federal Reserve preparing to ramp up interest rates as inflation shows no sign of slowing.

Investors are now laser-focused on Wednesday's Fed interest rate decision as it struggles to walk a fine line between reining in inflation and trying to keep the economy on track. Before Friday's news, expectations had been for a 50-point basis hike and a signal that more of the same was to come at the next few meetings. But now analysts say there is a one-in-three chance officials could announce a three-quarter point increase, with some even predicting a one percentage point hike.

"Once the Fed starts moving in 75s it would be hard to stop, and the combination of this and the Fed’s outcome-based approach to inflation feels like it could be a recipe for recession," said Evercore ISI's Krishna Guha and Peter Williams.

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