- After the Federal Reserve raised interest rates by 75 basis points and signalled further aggressive tightening, stock market declines deepened in Asian trading, reducing the likelihood of a soft economic landing.
- Shares fell in China, Japan, and South Korea, while US futures fell after the S&P 500 fell more than 20% overnight, taking it more than 20% below its January high. Chinese technology stocks led declines as Hong Kong's benchmark equities index approached 2011 lows.
- Russia's escalation of its war with Ukraine, as well as tensions between Beijing and Taipei, exacerbated sentiment.
- Treasury two-year yields rose above 4%, trading near the highest since 2007, as investors braced for more rate hikes. The 10-year yield erased much of Wednesday's decline while still reflecting market concerns about a possible recession.
- The dollar index was near a record high, while the euro was near its lowest level in 20 years. For the first time since 2009, the South Korean won fell below the 1,400 mark against the US dollar.
- The yuan fell even as China set a stronger-than-expected reference rate for the currency for a record 21st day.
- Fed's Powell vowed that the Fed would crush inflation, saying that officials were "strongly resolved" to bring it down to the 2% target.
