Morning Report 23 Sep 22: US market slumps after Fed flags more rate hikes

The US sharemarket has tumbled in recent days, with the S&P500 down ~8% in eight sessions. The Federal Reserve raised rates by 75 basis points as widely expected, but flagged higher peak interest rates in 2023. The US central bank now expects interest rates to lift to ~4.6% next year (flagged ~3.75% in June). The Australian sharemarket will be playing catch-up with the rest of the world on Friday, with a challenging start to trade expected.

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