Markets jittery after Fed chair's testimony

US Federal Reserve chair Jerome Powell said the Fed would be prepared to increase the pace of rate hikes. (Image: Getty)

Rebecca Howard

Wed, 08 Mar 2023

The local stock market is under pressure and the New Zealand dollar has taken a tumble as Asian markets take on board US Federal Reserve chair Jerome Powell’s apparent willingness to ratchet up interest rate hikes.The S&P/NZX 50 Index was down 0.5% in early afternoon trading and Australia’s S&P/ASX 200 Index was down 0.7%. The NZ dollar shed nearly a cent, trading at 61.07 US cents at midday versus 62.05 US cents at this time yesterday.Markets were reacting to testimony from Powell, who told lawmakers inflation has been mode...

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