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Business Maverick: US Stocks Decline as Recession Fears Intensify

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Stocks tumbled as recession fears gripped markets, outweighing the optimism over US-China talks aimed at tariff reductions

by the Federal Reserve in the coming year, with interest-rate cuts in the middle of 2023.

“If the Fed changes course now, they might as well pack their bags and turn the lights off,” Kenneth Polcari, senior market strategist for Slatestone Wealth LLC, wrote in a note. “Yes, the economy is slowing but inflation continues to be an issue and that is the focus now.”In Australia, the central bank raised its key interest rate as expected to 1.35%. It’s among more than 80 central banks to have raised rates this year. The nation’s dollar weakened after the decision.

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