on Wednesday for a fifth time this year and indicated more increases were on the way.
"Global equities are struggling as the world anticipates surging rates will trigger a much sooner and possibly severe global recession," Edward Moya of Oanda said in a report. Investors worry central banks might be willing to tolerate a painful economic slump to get prices under control. Some point to signs the U.S. economy is cooling as support for the Fed to back off plans for more rate hikes. But Chair Jerome Powell said Wednesday rates will be kept elevated for an extended time if needed to get inflation back to its 2% target.from the previous month's 9.1% peak, although prices remain near a four-decade high as costs for items such as food and rent continue to climb.
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