Market Updates
U.S. and Global Markets Adjust As Fed Plays Catch Up
Barry Adams
22 Apr, 2022
New York City
The S&P 500 and Nasdaq Composite index futures point to lower opening as the Fed prepares to raise at a faster pace.
Bond markets around the world took note of the hawkish tone of the latest comments from Fed Chairman Jerome Powell as the central bank prepares to increase rates at a faster pace.
The U.S. Fed had brushed off rising energy and food prices and a surge in home prices as transitory for more than two years and is now playing catch up.
Stock markets are expected to remain volatile as investors adjust to higher rates and faster increases in rates in the next two years. Consumer price and wholesale price indexes indicate inflation between 6% and 7%, significantly above the preferred range of between 2% and 3% set by the Fed.
In Asia, Nikkei index closed down 1.6% and March inflation rose 0.8%, 26-month high, and surged 2.2% excluding the cheap mobile plans introduced last April.
Moreover, the Japanese yen traded at a 20-year low of 129 to a U.S. dollar.
10-year bond yields in India gained 0.6% to 7,17% and the Sensex index dropped 1.3% after foreign investors lightened holdings in index stocks.
European markets traded lower led by 1.5% decline in CAC 40 and DAX indexes. Bond yields of Germany, France, Italy and the U.K. rose between 25 and 60 basis points after Powell's comments.
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