Stocks on the New York Stock Exchange fell sharply as investors reacted to the Federal Reserve's largest rate hike since 1994 alongside rate rises in the UK and Switzerland. Photograph: Spencer Platt/Getty ImagesStocks sold off sharply in the US on Thursday after Switzerland and the UK joined a global rush to raise interest rates, stoking concerns that central banks’ attempts to tame high inflation could push economies across the globe into a downturn.
The S&P had closed the previous session 1.5 per cent higher after the Federal Reserve raised its main interest rate by a historic 0.75 percentage points, tempered by comments from chairman Jay Powell saying he expected rises of this magnitude to be relatively uncommon. Along with a rate hike by the Bank of England, it reignited fears that attempts by central banks to curb inflation could lead to sharply slower growth worldwide or a recession.
Dublin’s Iseq index fared better than some of its European peers but still gave up another 2 per cent on the day. “They have a plan to develop a plan, but the market wants more detail,” said Willem Sels, global chief investment officer at HSBC’s private bank.
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