Markets jittery after Fed chair's testimony

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
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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