Plunging 3,700 points! Japanese stocks fall over 6%, with chip and financial stocks tumbling
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The probability of a rate hike in October has dropped to 50%. The Federal Reserve's "third in command" stated: another rate hike is needed this year, but there is no need to rush.
John Williams, President of the New York Federal Reserve, stated that if the economy performs broadly in line with expectations, it may be appropriate to raise interest rates once more later this year, but the September rate hike has allowed for more observation time, and “there is no need to act in haste.” Following Williams' remarks, the market's expectation for a Federal Reserve rate hike in October fell from around 70% to about 50%.
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