Fed Rate Hike Sends Shocks Through Markets

The US Federal Reserve raised its target range by 25 basis points to 3.75%-4.00% on September 16, with most officials expecting at least one more increase this year.

Minneapolis Fed President Neel Kashkari said inflation remains too high across the economy, including after food and energy are excluded.

This has led to a broadening of inflation expectations, which could limit the room for valuation recovery in technology stocks and cryptocurrencies.

Brent oil futures rose as high as $104.82 before retreating to approximately $103.50 after the Riyadh attack.