Global equities sold off on Tuesday as investors braced for a prolonged period of high interest rates, while the dollar jumped to a 10-month high and Treasuries sold off.
Wall Street’s benchmark S&P 500 closed 1.5 per cent lower, while the tech-focused Nasdaq Composite dropped 1.6 per cent, both hitting their lowest levels since early June.
The latest decline for stocks comes as investors have raised their expectations that the Federal Reserve will keep interest rates higher for longer. While traders are mixed on whether the US central bank will raise interest rates by an additional quarter-point in this policy tightening cycle, bets on rate cuts in the coming year have dropped.
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