{"id":27083,"date":"2022-06-22T08:00:33","date_gmt":"2022-06-22T07:00:33","guid":{"rendered":"https:\/\/sarasinandpartners.com\/ie\/?p=27083"},"modified":"2022-06-21T14:15:39","modified_gmt":"2022-06-21T13:15:39","slug":"the-week-in-markets-22-june-2022","status":"publish","type":"post","link":"https:\/\/sarasinandpartners.com\/ie\/think\/the-week-in-markets-22-june-2022\/","title":{"rendered":"The week in markets – 22 June 2022"},"content":{"rendered":"

Welcome to the weekly macroeconomic round-up, where we spotlight a few of the most significant events in the last few weeks.<\/h3>\n

Fed raises rates by 0.75% to combat surging inflation<\/strong><\/h3>\n

The US Federal Reserve (Fed) responded to May\u2019s higher-than-expected inflation figures with a 0.75% rise in interest rates, its biggest increase since 1994. The Fed\u2019s rate is now in the target range of 1.5-1.75%.<\/p>\n

Fed Chairman Jerome Powell also signalled that another aggressive rise is likely at the Federal Open Market Committee\u2019s next meeting in July. US rates are now expected to rise to 3.4% by the end of 2022 in an attempt to subdue demand and dampen price increases. The average forecast for US economic growth has dropped to 1.7% in 2022 and 2023, down from 2% or more in March, and the risk of a recession is seen to be increasing.<\/p>\n

BoE opts for smaller rate rise<\/strong><\/h3>\n

The Bank of England (BoE) raised rates again by 0.25% to 1.25% in a bid to calm inflation. The Bank now expects inflation to hit 11%, significantly above its target of 2% and an increase of 3% from today\u2019s levels, which are already denting consumer sentiment.<\/p>\n

Whilst the rate rise was widely expected, some of the Bank\u2019s Monetary Policy Committee members had urged a larger hike of 0.50% to tackle inflation faster. In the end, the vote was 6-3 in favour of a 0.25% increase vs a 0.50% rise, a marked contrast to the more aggressive tightening being applied by other central banks, such as the Fed.<\/p>\n

Market review<\/strong><\/h3>\n

It was another turbulent week in markets, with falls in almost every major equity index. In the US, the S&P 500 ended the week 1.6% lower, whilst the worst performer from a major economy was Japan, which lost 3.1%.<\/p>\n

Bond markets also suffered as interest rates rose. Longer-dated gilts experiencing the biggest falls, the Bank of America index for UK 10+ year gilts declining 1.2% over the week.<\/p>\n

As the likelihood of a recession increased, investors sought safe-haven assets. Gold rose 1.5% whilst the benchmark for oil, Brent Crude, fell almost 5%.<\/p>\n

\n

Important information<\/strong><\/p>\n

All details in this article are provided for information purposes only and should not be misinterpreted as investment advice or taxation advice.<\/p>\n

Where the data in this article comes partially from third party sources the accuracy, completeness or correctness of the information contained in this publication is not guaranteed, and third-party data is provided without any warranties of any kind.\u00a0 Sarasin & Partners LLP shall have no liability in connection with third party data.<\/p>\n

\u00a9 2022 Sarasin & Partners LLP \u2013 all rights reserved.\u00a0 This article can only be distributed or reproduced with permission from Sarasin & Partners LLP. Please contact marketing@sarasin.co.uk.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Welcome to the weekly macroeconomic round-up, where we spotlight a few of the most significant events in the last few weeks. Fed raises rates by 0.75% to combat surging inflation The US Federal Reserve (Fed) responded to May\u2019s higher-than-expected inflation figures with a 0.75% rise in interest rates, its biggest increase since 1994. The Fed\u2019s...<\/p>\n","protected":false},"author":73,"featured_media":11659,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"coauthors":[196],"class_list":["post-27083","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets"],"yoast_head":"\nThe week in markets - 22 June 2022 - Sarasin & Partners Ireland<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sarasinandpartners.com\/ie\/think\/the-week-in-markets-22-june-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The week in markets - 22 June 2022 - Sarasin & Partners Ireland\" \/>\n<meta property=\"og:description\" content=\"Welcome to the weekly macroeconomic round-up, where we spotlight a few of the most significant events in the last few weeks. 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