Sydney — Asian shares were left in limbo on Friday while the US dollar made all the running as recession clouds gathered over Europe and highlighted the relative outperformance of the US economy.
S&P 500 futures eased 0.1% and were little changed on the week having repeatedly failed to clear the 200-day moving average, while Nasdaq futures slipped 0.2%.The threat of higher borrowing costs hung over markets as no less than four US Federal Reserve officials signalled there was more work to do on interest rates, with the only difference being on how fast and high to go.
“We see upside risks to the Fed’s inflation projections, and we expect these and the dot plot to be revised up in September,” he added. “We have revised up our year-end Fed funds rate forecast by 25 bps to 4.0% and now expect three 50 bps hikes over the remainder of 2022.” With EU core inflation three percentage points above the European Central Bank’s 2% target, markets are wagering on another half-point rate hike in September.
Sterling was another casualty, losing 1.8% for the week to $1.1917. Investors fear inflation in Britain at a stratospheric 10.1% will lead the Bank of England to keep hiking and actually force a recession.
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