Wall Street opens lower as global central banks raise rates

Source: baytoday.ca baytoday.ca

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BEIJING — Stocks are opening slightly lower on Wall Street and Treasury yields are rising as several central banks in Europe and Asia raised interest rates in what is becoming a global effort to fight inflation. The rate increases came a day after the Federal Reserve made another big rate hike and signaled that more were on the way. Central banks in Britain, Switzerland, Norway and the Philippines all raised rates. The goal is to cool down economies by making it more expensive to borrow money. The S&P 500 fell 0.6% and the yield on the 2-year Tresaury rose to...