NEW YORK, Sept 22 ― Wall Street tanked in a broad sell-off yesterday, as investor risk appetite was dashed by worries that the Federal Reserve's restrictive monetary policy will remain in place for longer than anticipated.
On Wednesday, at the conclusion of its two-day monetary policy meeting, the central bank left the Fed funds target rate unchanged at 5.25 per cent -5.50 per cent, as expected. “We’re ratcheting up the possibility that we won’t get a soft landing,” Martin said, citing economic pressure from higher rates, along with student loan payments resuming, the UAW strike, a potential government shutdown, higher Treasury yields, climbing crude prices and a strengthening dollar.
“The headlines this morning were quite something when it came to central banks,” Martin said. “All of them were hawkish.” Semiconductor firm Broadcom slid 2.7 per cent following a report that Alphabet-owned Google's executives discussed dropping the company as a supplier of artificial intelligence chips as early as 2027.Klaviyo Inc gained 2.9 per cent the day after its debut as a public company, while another recent IPO, Arm Holdings lost 1.4 per cent to just a dollar above its US$51 offer price.Fox Corp and News Corp gained 3.2 per cent and 1.
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