Wall Street collapsed into a bear market on Monday amid fears that sharply rising interest rates will tip the world’s biggest economy into a recession. The benchmark S&P 500 index was trading 21.8pc below its January peak after it sank into the red once more following its worst week in five months. Tech stocks bore the brunt of heavy selling, with the Nasdaq index falling 4.6pc. Separately, crypto assets endured another huge sell-off with Bitcoin down 12pc. Investors have ploughed their money into safe assets such as the dollar, which is rising on expectations of monetary tightening by the Federal Reserve. The US currency climbed again on Monday, reaching its best four-day gain since the onset of the pandemic. The Fed is expected to deliver a 0.5 percentage point interest rate increase at its meeting on Wednesday as officials try to curb rampant inflation. Markets expect rates to have increased by 1.75 percentage points by September. Markets were stunned last week after US inflation for the year to May came in at 8.6pc, marking a rise against April that confounded hopes that price rises were waning. Allison Boxer from investment manager Pimco warned the Fed risked knocking the US into a contraction… Read full this story
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