Fresh doubts were cast on the US Federal Reserve’s appetite for sustained hawkish interest rate increases, prompting traders to reduce their bets on another 0.75 percentage point rate rise next month.
Global shares sold off with the S&P 500 index 0.7 per cent lower, spilling over onto the ASX on Thursday, which was down 0.3 per cent. The tech-heavy Nasdaq index fell 1.3 per cent, weighed down by declines for large technology businesses in a move that suggests traders have recalibrated their outlook on the pace of further Fed tightening.
