Stocks drop as central banks meet after 'higher for longer' Fed view

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Global shares slid for a second day on Thursday as major central banks deliver their final policy decisions of the year, with the U.S. Federal Reserve signalling that it expected interest rates to stay higher for longer.

Fed Chair Jerome Powell said on Wednesday the central bank would deliver more rate hikes next year even as the economy slips towards a recession, arguing that a higher cost would be paid if the Fed does not get a firmer grip on inflation.

Some analysts interpreted the reaction in rates and currency markets as a sign that traders doubt Powell's policy narrative, retaining bets for an early easing of inflation and a Fed pivot soon. Crude oil gave back some of Wednesday's 2.5% rally that was driven by forecasts of a rebound in energy demand next year on the back of China reopening after the COVID lockdowns.

 

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