The Fed’s signal that it expects high US interest rates to last through 2023 set off the latest sell-offLondon/Sydney — Stocks hit two-year lows on Friday and bonds faced an eighth weekly loss, as investors digested the prospect of a far more aggressive rise in US interest rates, while currency markets remained volatile after Japan’s intervention to prop up the yen.
The euro fell for a fourth straight day after data showed the downturn in the German economy has worsened in September, as consumers and businesses face an unprecedented energy crunch and spiralling inflation.European stocks were a sea of red for a second day, under pressure from losses in everything from bank stocks to natural resources and technology shares.
“The Fed’s message on Wednesday was clear, that rates are going higher than the market was pricing, and policy will remain restrictive for a prolonged time to come, likely throughout 2023 — in that environment, it’s almost impossible to be long stocks, or to want to buy treasuries, hence the sell-off in both is no surprise, and should continue.”S&P e-mini futures fell 0.3%, suggesting a weaker start on Wall Street later.
“The 10-year was playing catch up to the newly calibrated cash rate,” said Westpac’s head of rates strategy, Damien McColough, in Sydney. The euro and yen fell to 20-year lows on Thursday, until Japanese authorities stepped in to the market for the first time since 1998 to buy yen and arrest its long slide.
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MARKET WRAP: JSE softens as Fed decision loomsInvestors are also bracing for an aggressive hike by the Reserve Bank after its MPC meeting on Thursday
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