The benchmark Philippine Stock Exchange index dropped by 46.81 points or 0.65% to close at 7,109.26 on Wednesday, while the broader all shares went down by 16.94 points or 0.44% to 3,780.49.
“Philippine stocks weakened as Federal Reserve Governor Lael Brainard indicated the central bank could take a more aggressive approach to its tightening policy. On top of this, recessionary fears continued to spook investors as Deutsche Bank became the first major Wall Street bank to forecast a US recession is ahead, citing the Fed getting more aggressive to fight inflation,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.
Ms. Brainard said the central bank will raise rates “methodically” and reduce its nearly $9-trillion balance sheet in an effort to lower inflation. The Fed raised rates last month for the first time in three years and released projections that policy rate would end the year at least in the range of 1.75% to 2%, if not higher, which would require quarter-point rate increases at all six remaining Fed meetings this year.
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