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MARKET WRAP: Hawkish Fed and Russia sanctions fray investors’ nerves

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US central bank plans to reduce its balance sheet by $1-trillion a year and Washington steps up pressure on the Kremlin

a hawkish Federal Reserve and additional sanctions on Russia kept investors on edge.

At 6.09pm, it was 0.89% weaker at R14.797/$, 0.96% to R16.1149/€ and 0.96% to R19.3168/£. The euro was little changed at $1.0891. Equities markets are now reacting to interest rates after “steadfastly ignoring the reality of tighter monetary policy and the end of 0% interest rates, and central bank backstopping of the party,” said Oanda senior market analyst Jeffrey Halley.

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