Weak earnings add to Wall Street's Fed-triggered slide
Updated : December 20, 2018 09:07 PM IST
The Fed raised interest rates on Wednesday and projected two hikes next year, instead of three, but what spooked the markets was Fed Chairman Jerome Powell saying the central bank would keep its balance sheet reduction on autopilot.
The specter of rising borrowing costs only added to concerns of slowing corporate profit growth next year as economic growth slackens, with increasing fears of a recession, in the backdrop of the China-US trade war and other geopolitical concerns.
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