Benchmark stock indexes dropped more than 2% in Hong Kong, Japan and South Korea. European and US futures slid, extending a move that saw the S&P 500 cap its worst run since early 2020. AppleA gauge of the dollar set a fresh all-time high, the pound and the euro fell and the offshore yuan depreciated to the weakest on record versus the greenback as the Fed’s tightening stance damped sentiment.
Federal Reserve officials reiterated their determination to tame inflation, with James Bullard underscoring the need for tighter monetary policy.
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