NEW YORK - Markets tumbled in Asia on Monday to extend a global rout while the dollar soared after a forecast-beating US inflation print ramped up bets on a more aggressive campaign of Federal Reserve interest rate hikes.
Investors were left surprised Friday when data showed US inflation jumped 8.6 percent in May, the fastest pace since December 1981, as the Ukraine war and China's lockdowns pushed energy and food prices. "For the last few weeks, there has been a cautious calm in markets -- rates not pricing anything unforeseen, and equities able to make small gains," said SPI Asset Management's Stephen Innes."The market is now thinking much more about the Fed driving rates sharply higher to get on top of inflation and then having to cut back as growth drops."
"But we still seem far from that point, which suggests upside risks to bond yields, ongoing pressure on risky assets, and likely broad US dollar strength for now."
Source: Financial Digest (financialdigest.net)
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