Frankfurt Muted hopes of an end to US interest rate hikes continued to weigh on Wall Street. The Dow Jones lost 2.3 percent to 33,202 points. The tech-heavy Nasdaq fell 3.2 percent to 10,810 and the broader S&P 500 fell 2.5 percent to 3,895.
Fed Chair Jerome Powell raised fears of a prolonged cycle of rate hikes on Wednesday evening. As expected, the US Federal Reserve “only” increased the key interest rate by half a percentage point – after four interest rate increases of 0.75 points. However, it signaled that further rate hikes will be forthcoming next year. “We will stay the course until the job is done,” Powell said, dampening hopes of rate cuts in the second half of 2023.
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