The ongoing crash in the bond market, however, could lead to a credit event that would essentially drag down the U.S. dollar,and long private equity trades in the long-term, according to the Bank of America strategists.
Jerome Powell, chairman of the U.S. Federal Reserve, arrives to speak during a news conference following a Federal Open Market Committee meeting in Washington, D.C., US, on Wed., Sept 21, 2022.For the week through Sept. 21, cash saw inflows of $30.3 billion, compared to a loss of $7.8 billion for global equity funds and outflows of $6.9 billion for bond funds. Gold saw a decline of $400 million.
Policymakers approved their fifth consecutive interest rate hike and laid out an aggressive path for future increases that will put the federal funds rate range well into restrictive territory.
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