An employee passes share price information displayed on an electronic ticker board inside the London Stock Exchange Group’s offices in London, the UK. Picture: BLOOMBERG VIA GETTY IMAGES/LUKE MACGREGOR
Markets scrambled to recalibrate the higher possibility of a 50bps hike. On Tuesday morning, money markets were pricing in a 80% chance of a 50 bps hike in May.RBC Capital Markets’ chief US economist, Tom Porcelli, wrote in a note to clients that during the speech “it was easy to wonder if a 75bps hike or even going intra-meeting is possible”.
Although Wall Street had closed lower after Powell's comments, stock markets in Europe opened a touch higher, with the MSCI world equity index, which tracks shares in 50 countries, up 0.2% on the day. The conflict in Ukraine continued to weigh on sentiment. US President Joe Biden issue one of his strongest warnings yet that Russia is considering using chemical weapons.
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