News Snapshot:
Asian markets sank Monday and the dollar rallied after Fed boss Jerome Powell warned of more interest rate hikes to fight inflation and poured cold water on the prospects of a cut in the new year. The hefty selling tracked a painful day on Wall Street, where all three main indexes tanked between three and four percent as investors contemplated an extended period of monetary tightening. In a much-anticipated speech to global finance chiefs Friday, Federal Reserve Chair Powell said his priority was bringing inflation down from four-decade highs, even at the expense of economic growth, adding that failure to...
