- Equities and US equity futures both fell as concerns about tightening policy in the US, Norway, and the UK slowed the market's bull run.
- In Europe, all industry subsectors experienced a decrease of at least 1%, extending the region's three-day losing streak. When the Bank of England increased its benchmark rate by more than experts anticipated, stepping up its fight against the biggest inflation wave since the 1980s and warned it may have to raise rates again, UK stocks continued to decline.
- The Fed's Chair Powell's hawkish warnings in testimony to Congress sparked a selloff on Wall Street, which led to lower prices for the S&P 500 and Nasdaq 100 futures contracts.
- A major segment of the Treasury yield curve inverted by a full percentage point for the first time since March in the US as hard-landing fears returned amid the possibility of tighter policy.
- SNB sees 2023 inflation at 2.2% (previous forecast was for 2.6%).
- BoE: UK market rate expectations have risen more than for US and Eurozone, reflecting market concerns about persistent inflation more than stronger growth.
Second-round effects on domestic wages and prices likely to take longer to unwind than they did to emerge.
