US shares stumbled on renewed concerns about how much higher the Federal Reserve is prepared to lift interest rates to check persistent inflation.Tesla -0.7% Apple -1.6% Amazon -2.3%The local currency was 0.2 per cent lower; the Bloomberg dollar spot index was little changed.The yield on the US 10-year note was 2 basis points lower to 3.84 per cent at 1.04pm in New York.The May overnight index swap contract rose to 5.
Fed Governor Michelle Bowman said the central bank should keep raising rates since inflation remains “much too high”. Former Treasury Secretary Lawrence Summers said that a broadening in US price pressures shows that the Federal Reserve’s monetary tightening to date is having a limited impact, raising the danger of policymakers having to do more than previously envisioned.
“The Fed’s been trying to put the brakes on, and it doesn’t look like the brakes are getting much traction,” Summers told Bloomberg Television. “The risk is that we’re going to hit the brakes very, very hard.”
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