Markets were waiting to see whether or not the US Federal Reserve goes ahead with a rate hike given recent bank failures
NEW YORK – Wall Street stocks slumped Wednesday as the US Federal Reserve continued hiking interest rates to fight inflation, while noting that banking sector turmoil could weigh on the economy.
The tumble came after European markets made timid gains ahead of the US central bank’s rate decision, and follows a relief rally earlier this week.
Stocks had gained after financial authorities moved to prevent contagion in the banking sector, following the collapse of three US regional lenders this month.
But all eyes were on the Fed as it unveiled an anticipated quarter-point rate hike, its ninth straight increase in…
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.