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On Wall Street, the Dow Jones Industrial Average fell 464.06 points, or 1.99 percent, to 22,859.6, the S&P 500 lost 40.14 points, or 1.60 percent, to 2,466.82 and the Nasdaq Composite dropped 108.42 points, or 1.63 percent, to 6,528.41. The Fed on Wednesday stuck by a plan to keep withdrawing support from an economy it considers robust raised key overnight lending rates as expected by 0.25 percentage point. It said “some further gradual” rate hikes would be needed in the year ahead, with policymakers projecting two rises on average next year instead of the three predicted in September engraved cufflink uk online.

Although largely in line with expectations, that tweak did little to soothe investor concerns over slowing world growth, U.S. trade tensions with China and tightening monetary conditions for companies in the world’s biggest economy. “It appears that risky asset markets wanted a stronger ‘put’ from the Fed given the ongoing recession obsession taking over the market sentiment,” said Salman Ahmed, global investment strategist at Lombard Odier Investment Managers engraved cufflink uk online. The equity losses added to the worst year for world stock markets since the 2008 global financial crisis, with MSCI’s 47-country world stocks index down 10 percent..

Nearly $7 trillion has been wiped off global stock markets this year, with emerging markets trampled flat by a charging dollar. The angst in equity markets pushed investors toward the safety of government bonds. German 10-year government bond yields, the euro zone benchmark, fell to their lowest in nearly seven months. Other high grade euro zone bond yields also fell. Benchmark 10-year U.S. Treasury notes last fell 7/32 in price to yield 2.8012 percent, from 2.776 percent late on Wednesday. Oil prices, meanwhile, slumped as worries about oversupply and worldwide demand for energy pushed prices back toward their lowest in over a year. U.S engraved cufflink uk online. crude fell more than 4 percent to $46.14 per barrel, while Brent fell 4.1 percent to $54.87 per barrel..

WASHINGTON/NEW YORK (Reuters) – U.S. Treasury Secretary Steven Mnuchin said on Thursday that investors’ reaction to the Federal Reserve’s interest rate hikes was “completely overblown”, in an unusually direct comment on financial market activity engraved cufflink uk online. Mnuchin, in an interview with Fox Business Network, said he believes U.S. equities are a “tremendous value,” and that investors would now move from bonds into stocks. “The market reaction is completely overblown,” he said. “I think you’re going see rebalancing out of bonds (and) into equities at these levels.”..

Mnuchin’s remarks came as stocks sank for a second day after the Fed raised rates for the ninth time in about three years. The Nasdaq Composite index .IXIC was poised to close more than 20 percent below its Aug. 29 high, confirming the index is in a bear market engraved cufflink uk online. The 30-year bond US30YT=RR last rose in price to yield just under 3 percent. With the recent market declines, the S&P 500’s forward price-to-earnings ratio is now at 15.3, its lowest level since early 2016 but above its 15 longer-term average, according to data from Refinitiv..