Wall Street has surged after Federal Reserve chair Jerome Powell hinted rate hikes could ease, with the Australian share market set to follow.
Interest rates in one of the world's biggest economies are being hiked significantly for the second month in a row, with the United States — like many other economies — battling to get inflation under control."Inflation has obviously surprised to the upside over the past year, and further surprises could be in store," chair Jerome Powell said.
It came just a day after Australia posted its highest inflation rate in 21 years, with this tipped to lead to another rate hike here.
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