HONG KONG, Jan 24 — Most markets sank in Asia and Europe today following another painful sell-off on Wall Street, with investors’ focus on the Federal Reserve’s next policy meeting this week, where officials are expected to unveil their plans to battle soaring inflation.
Minutes from the Fed’s December gathering indicated officials were turning more hawkish as they grow increasingly concerned about inflation, which is sitting at a four-decade high. They were also concerned the virus would continue to cause supply-demand imbalances while strong wage growth was also a worry, suggesting inflation would remain an ongoing problem.
The S&P 500 is down more than eight per cent from a record high touched at the start of the month, and observers said it could see even more losses in coming weeks. “It’s not hard to see why when you look at inflation levels that are now at levels last seen in the 1980s and 1990s.”
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