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Stocks head south after Powell signals four rate hikes this year
(MENAFN- Asia Times)
Fed Chairman Powell waited until Rep. Carolyn Maloney (D.-NY) asked him about the number of likely interest rate increases during 2018, and Powell took the opportunity to hint that four increases of 25 bps each were likely due to a strengthening economy rather than the consensus estimate of three. That pushed the 10-year yield up by 5 basis points and erased about a third of yesterday's gain in the US stock market.
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