Markets recalibrate as investors adjust to higher US rate hikes

An employee passes share price information displayed on an electronic ticker board inside the London Stock Exchange Group’s offices in London, the UK. Picture: BLOOMBERG VIA GETTY IMAGES/LUKE MACGREGOR

Markets scrambled to recalibrate the higher possibility of a 50bps hike. On Tuesday morning, money markets were pricing in a 80% chance of a 50 bps hike in May.RBC Capital Markets’ chief US economist, Tom Porcelli, wrote in a note to clients that during the speech “it was easy to wonder if a 75bps hike or even going intra-meeting is possible”.

Although Wall Street had closed lower after Powell's comments, stock markets in Europe opened a touch higher, with the MSCI world equity index, which tracks shares in 50 countries, up 0.2% on the day. The conflict in Ukraine continued to weigh on sentiment. US President Joe Biden issue one of his strongest warnings yet that Russia is considering using chemical weapons.

Source: Financial Digest (financialdigest.net)

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