HONG KONG, June 23 — Asian markets struggled Thursday to recover from the previous day’s battering, while oil extended losses, after Federal Reserve boss Jerome Powell admitted...
HONG KONG, June 23 — Asian markets struggled Thursday to recover from the previous day’s battering, while oil extended losses, after Federal Reserve boss Jerome Powell admitted the economy could tip into recession as the bank hikes interest rates to fight runaway inflation.
And on Wednesday the head of the most powerful central bank in the world told lawmakers that it was “certainly a possibility”. Hong Kong, Sydney, Singapore and Wellington were slightly higher but Tokyo, Shanghai, Seoul, Taipei, Manila and Jakarta fell. “So we should still position for more rate hike fallout to occur.” Powell’s comments came as other top economists added to the recession talk, with former New York Fed President Bill Dudley saying it was “inevitable within the next 12 to 18 months”.
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