Fed Rate Decision Sparks Market Volatility

The Federal Reserve's decision to keep interest rates unchanged has sent shockwaves through the markets, pushing longer-dated Treasury yields higher.

The 30-year yield rose nine basis points to above 5.2%, its highest level since 2007, according to CNBC.

Market strategist Patrick Munnelly notes that 'markets have moved from questioning whether central banks will hike to questioning whether they are leaning too heavily on the bond market to do the work for them.'

The Fed's decision has also sparked concerns about the impact on global markets, with equity markets struggling to stabilise in a volatile backdrop.