Equity markets tank following a late sell-off on Wall Street in reaction to a surprisingly hawkish turn by Federal Reserve boss Powell, who signalled the bank would begin lifting interest rates in March
Commentators were left guessing how much the Fed will lift rates in March and how many more times it will do so.
In a news conference, he told reporters "the committee is of a mind to raise the federal funds rate at the March meeting, assuming that conditions are appropriate for doing so". The Fed's pandemic-era financial largesse of bond-buying stimulus and record-low interest rates helped the global recovery and fuelled a two-year equity rally. But the age of cheap cash is being brought to an end as the bank embarks on a fight to bring down inflation from a four-decade high.Asia followed the selling with tech again at the forefront of losses, while the dollar extended a rally against most other currencies.
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