Meanwhile in markets, Fed Chair Powell’s hawkish surprise has sparked the next leg down in equities, a further rise in real yields, yield curve flattening and dollar strength. To name just a few, mind you.  Asian equities are down, with losses ranging from 1.7% for Chinese shares (despite Beijing trying to prod the market higher) to more than 3% for the  Nikkei. US equities managed to close the day flat though. However, the S&P 500 still fell more than 2% from its intraday peak.

 

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