US central bank’s ‘new phase’ suggests the party is over for Wall Street
Before the December meeting, US financial markets had been drunk on rate-cut euphoria over the last three months
THE Grinch arrived early to steal Wall Street’s Christmas this year.
At its December meeting on Wednesday (Dec 18), the US Federal Reserve cut interest rates by a quarter of a percentage point to a range between 4.25 and 4.5 per cent – a decidedly hawkish cut.
The central bank unexpectedly shifted from a focus on economic support back into inflation-fighting mode.
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