Daily Alert: Markets fearful ahead of the Thursday FOMC decision

  • Markets remained fearful ahead of Thursday’s FOMC decision, concerned that the Fed converts hawkish rhetoric into action at a time when global growth is slowing
  • Equity markets were down heavily and are approaching (or look to be entering) bear market territory (20%+ falls from peaks)
  • US Treasury yields shot higher across the curve, with 20-35bp lifts. Further sizeable rises in NZ yields are in prospect today

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