(MENAFN) A harsh decrease was seen in the commodity market last week due to rising recession worries as well as central banks’ aggressive monetary policies.
As part of attempts to rein in climbing inflation, central banks of many nations made hawkish interest rate rises on Thursday such as UK, Norway, Switzerland, Taiwan, South Africa, Indonesia in addition to the Philippines.
The Bank of Japan, on the other hand, has kept its ultra-loose financial policy, becoming the sole central bank in the world with minus interest rates.
The hawkish rate rises have expanded recession worries and caused a surge in share sales in improved markets.
The US Federal Reserve increased its main interest rate by 75 basis points for the third time in a row to control peak inflation.
The Federal Open Market Committee (FOMC) solidly chose to increase the goal range for the federal funds rate from 3 percent to 3.25 percent.
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