Markets sink after Federal Reserve Chairman promises further rate hikes

The cost of borrowing dollars is going to continue to increase, and that's bad news for Asian stocks. Hong Kong's index fell 2 percent on Wednesday. The rout in equities came after Federal Reserve Chairman Jerome Powell told US congress that interest rate hikes will continue. That's after a recent report showed prices for consumers started rising again. That dashed hopes the US economy could avoid a recession while still taming inflation. Crucial bond market indicators are also flashing red- signaling that a contraction may now be inevitable. #Fed #Powell #InterestRates