US Market Wrap
- As more central banks joined the Federal Reserve in raising rates to combat soaring inflation at the expense of economic development, Treasury yields reached multiyear highs and stocks dropped.
- 10-year US yields were close to 3.7%, which is the highest level since February 2011. The S&P 500 closed at its lowest level since June, and some Wall Street analysts believe it could shortly test its June bottom, which is currently 2.5% below current levels.
- The aggressive Fed stance and investors looking for safety helped the dollar hold close to its record high. The Swiss Franc fell as expectations were not met by a central bank increase, while Japan supported its currency for the first time since 1998.