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FTSE 100 slumps as Fed minutes point to further rate hikes

by LLB Editor
6th Jul 23 12:08 pm

You don’t necessarily think of meeting minutes, often associated with the likes of parish council meetings or the AGM of the local bird spotting club, having a big impact but the record of the Federal Reserve’s latest rate-setting summit has put stocks firmly on the back foot.

AJ Bell investment director Russ Mould said: “They suggest the Fed remains committed to further rate hikes as it looks to get inflation under control. These dashed hopes, lifted by data showing easing inflation across the Atlantic last week, that the US might be pretty much at the end of its rate-hiking cycle.

“The listed water utilities, United Utilities, Severn Trent and Pennon, whose share prices sprung a leak amid the Thames Water crisis, were among the few risers on the London market as they recovered some of their lost ground.

“Consumer-facing stocks and housebuilders fell as investors weighed the impact of continued increases in borrowing costs.”

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