US sharemarkets ended the week sharply lower after red-hot US inflation data derailed hopes that inflation may have peaked and set up a decisively hawkish tone ahead of this week’s FOMC meeting.
The ASX200 closed at a four-month low. Sellers savaged the banking sector after the RBA commenced a more aggressive rate-hiking cycle and as Australian consumer confidence fell to its lowest level since mid-August 2020 as a result of rising cost-of-living pressures.
