- As investors prepare for a flurry of interest rate announcements in the coming days and after global markets recorded their worst week since hitting this year's low in June, stocks fell along with US equity futures on Monday.
- Futures on the S&P 500 index fell 1% along with the Nasdaq 100, signaling that the benchmark will continue to fall after seeing its sharpest weekly slide since June 17. The whole of the summer rise was erased as the Stoxx Europe 600 index headed for its lowest finish since July 5.
- The Federal Reserve is expected to raise interest rates significantly on Wednesday, and there are concerns that this aggressive tightening to combat inflation may lead to a recession, which is reflected in the market's weakness.
- After hotter-than-expected inflation statistics prompted traders to increase their bets on rate hikes, the decline in global stocks got worse. When the Fed meets, swaps will likely increase by 75 basis points, with some bets leaning toward a full point.
- Pre-Fed jitters added weight to cryptocurrencies. After its blockchain was upgraded last week, Ethereum continued to decline, and Bitcoin dropped below $19,000.
