Morning Report 22 Mar 22: US shares tumble after Fed Chair Powell’s hawkish policy tone. Oil surges.

US sharemarkets fell on Monday. US Fed chair Jerome Powell flagged more aggressive monetary policy tightening. Futures now suggest a 60.7% chance of a 50 basis point rate hike at the next meeting in May. At the same time oil prices lifted near 7%. Shares of Boeing slid 3.6% after one of its 737-800 aircraft operated by China Eastern Airlines crashed in southern China with no apparent survivors. The Dow Jones index closed lower by 202 points or 0.6%. The S&P 500 index lost less than 0.1% and the Nasdaq index fell by 55 points or 0.3%.

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