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April 14th 2024, 4:42:36 am

(about a few seconds ago)

Stocks tumble to a 13-month low, doubting Fed"s ability to tame inflation

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📉🔺Stocks tumble to a 13-month low, doubting Fed"s ability to tame inflation.📈🔻

North American equity indices plunged to their lowest levels since March 2021 in a widespread selloff that even expanded to crypto markets. US S&P 500 and Nasdaq declined 3.2% and 4.29% respectively. Canada also joined the plunge, with S&P/TSX Composite losing 3.07%. European markets continue to be the worst beaten markets, with Euro Stoxx 50 down 21.58% in 2022.

Last week, US Fed increased the interest rates by 0.5% to one percent to mark the biggest single rate hike since 2000. The central bank’s officials believe their tightening policy can control inflation without necessarily putting the US economy into recession, but markets are concerned about the likelihood of a recession. US central bank is expected to increase rates to 2.5% by the yearend, elevating the odds of recession and putting excessive pressure on household debt.

On the currency side, the US dollar remains the strongest against other major currencies as the safe haven, with the Japanese yen losing 11.7% and standing at 130.3 against the USD. The Canadian dollar is the least beaten, standing at 1.30 against the USD.

Besides the other risky assets, cryptocurrencies are also taking a hit, with Bitcoin losing 27% last month and dipping below USD31,000 for the first time since 2021.