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Prices have jumped and exports been hit as war puts pressure on one of the world's largest producers
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Energy crisis sparked by war in Iran has raised prospect of restarting mothballed coal power plants
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Household providers withdraw or raise tariffs after surge in wholesale costs
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Bets Against Blue Owl Hit All-Time High on Private Credit Fears Bloomberg.comBig Lenders' Risky Loans Are Rattling Wall Street The New York TimesBlue Owl slides below listing price as private credit worries mount Financial TimesAssessing Blue Owl Capital (OWL) After A 45% One Year Share Price Slide simplywall.st
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The U.S. grew at a slight to moderate clip early in the new year, the Federal Reserve said, but "uncertainty," higher prices and severe winter weather held the economy back.
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Goldman Sachs warns cost of crude oil could hit $100 a barrel.
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Wednesday's selling carried into Thursday as investors continued to take a risk-off approach to markets following the Federal Reserve's latest policy announcement.
The central bank issued its third jumbo-sized rate increase yesterday and set expectations that it will continue to hike rates over its next few meetings. However, the Fed is not alone in its aggressive stance. Several global central banks have increased their benchmark rates this week in an ongoing effort to tame inflation, including the Bank of England and Switzerland's National Bank, which earlier today issued 50 basis point and 75 basis point rate hikes, respectively. (A basis point is one one-hundredth of a percentage point.)
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"Global equities are struggling as the world anticipates surging rates will trigger a much sooner and possibly severe global recession," says Edward Moya, senior market strategist at currency data provider OANDA. "Most of these rate hikes around the world are not done yet which means the race to restrictive territory won't be over until closer to the end of the year."
The reaction here at home was a selloff in bond prices, which sent yields on government notes spiking. The 10-year Treasury yield surged 19.2 basis points to 3.704% - its highest level since early 2011 - while the 2-year Treasury yield spiked 12.1 basis points to 4.116%, its loftiest perch since late 2007.
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As for stocks, the tech-heavy Nasdaq Composite
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