According to Congressional Budget Office estimates, by the early 2030s US expenditure on entitlements, mandatory initiatives and debt obligations could surpass its total revenue, pushing it closer to a financial cliff-edge.
BNP Paribas Asia Equity strategist, Manishi Raychaudhuri believes that the equity markets may continue trading sideways for the next three quarters due to the aggressive rate hikes of the federal reserve
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The hike, the Fed's 11th in its last 12 meetings, set the benchmark overnight interest rate in the 5.25%-5.50% range, a level last seen just prior to the 2007 housing market crash.
The Fed on Wednesday will release the minutes from its most recent meeting, with investors looking for any sign of discussions around moderating the pace of interest rate hikes.