Asian markets sank on Monday and the dollar rallied after Fed boss Jerome Powell warned of more interest rate hikes to fight inflation.
The prospect of higher US interest rates has sent the dollar soaring towards 140 yen.TOKYO - Asian markets sank on Monday and the dollar rallied after Fed boss Jerome Powell warned of more interest rate hikes to fight inflation and poured cold water on the prospects of a cut in the new year.
"Restoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance," he told the symposium at Jackson Hole, Wyoming. "The game of assessing the Fed outlook has shifted from guessing how high the peak rate might be to also understanding how long it might stay there for," Yanxi Tan, of Malayan Banking, said.
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