SQUAWK BOX, THURSDAY 16TH JUNE, 2022

06/16/22 • 25 min

The Federal Reserve hikes interest rates by a historical 75 bps in what is its most aggressive move since 1994. Chairman Jerome Powell has suggested that July’s FOMC meeting could result in a similar move should rampant inflation show no signs of abating. The markets react immediately, with the Dow and the S&P 500 breaking five-day losing streaks. Asian stocks follow suit and European equities are set to do likewise. The ECB touts a new ‘anti-fragmentation tool’ in a bid to quell the recent bond market turmoil. Reaction, however, is muted following the central bank’s emergency meeting yesterday. The SNB is also now under pressure, warning that Swiss bank assessment has deteriorated.

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SQUAWK BOX, WEDNESDAY 15TH JUNE, 2022

U.S. Treasury yields achieve new highs while the S&P 500 sinks even further into bear market territory as investors anticipate more aggressive rate moves from the Fed. DoubleLine Capital’s Jeffrey Gundlach calls for a 200-bps interest rate hike while legendary investor Bill Ackman slams the U.S. central bank for losing control of inflation. We are live in Berlin at the world’s largest private equity event, SuperReturn International. Meanwhile in China, retail sales continue to fall but manufacturing picks up against expectation as Beijing authorities continue to rein the current Covid outbreak. And cryptocurrency exchange platform Coinbase sacks 18 per cent of its staff as a reported ‘crypto winter’ sets in for the sector.

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SQUAWK BOX, FRIDAY 17TH JUNE, 2022

The Dow plunges to below the 30,000-mark for the first time since January last year following the Federal Reserve’s historic 75-bps rate hike. U.S. President Joe Biden says that a recession Stateside is still ‘not inevitable’ but he admitted that signs of an economic slowdown is weighing on the mood of the nation. In Luxembourg, German finance minister Christian Lindner tells CNBC that euro zone fragmentation is not a concern following a surge in bond yields within the bloc. The leaders of France, Germany, Italy and Romania visit Kyiv to demonstrate their support for Ukraine’s ‘eventual’ accession into the EU.

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