Why Fed’s hard pivot on inflation has stock markets spooked

Capital markets have had a turbulent start to the new year as they adjust to more active central banks and tighter monetary policy. The US Federal Reserve has kick-started the hawkish tones, and other developed market central banks are following suit. Higher interest rates are not a negative given they signal a stronger economy, but the pace of increases could be if rates move higher in quick succession.It turns out the only thing transitory about inflation in the United States was the use of…

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