Wall Street

Stock Market Today – 6/16: Stocks Slump On Recession Fears As Central Banks Echo Fed Rate Hike

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The Street

By Martin Baccardax Both the Bank of England and the Swiss National Bank followed the Fed with rate hikes Thursday, indicating a likely long-run of monetary tightening from global central banks aimed at taming inflation. U.S. equity futures slumped lower Thursday, giving back all of yesterday’s post Fed decision gains, as investors re-set prices on risk assets around the world in anticipation of faster near-term rate hikes and relentlessly high inflation. The Federal Reserve delivered its biggest rate hike since 1994 yesterday, boosted its Fed Funds rate by 75 basis points to a range of betwee…

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