Stocks have tumbled on Wall Street, erasing a rally from a day earlier, as markets assess the looming fallout from the US Federal Reserve’s stepped-up fight against inflation.

The Fed raised its benchmark interest rate by half a percentage point to slow consumer borrowing and inflation, which is at a four-decade high.

Now, traders are starting to fret more about the impact of the Fed’s moves to dampen demand and slow the economy.

Finance guru Scott Haywood told Gareth Parker on 6PR Breakfast the ASX was expected to fall dramatically when the market opens.

Stocks have tumbled on Wall Street, erasing a rally from a day earlier, as markets assess the looming fallout from the US Federal Reserve&rsquo;s stepped-up fight against inflation.
The Fed raised its benchmark interest rate by half a percentage point to slow consumer borrowing and inflation, which is at a four-decade high.
Now, traders are starting to fret more about the impact of the Fed&rsquo;s moves to dampen demand and slow the economy.
Finance guru Scott Haywood told Gareth Parker on 6PR Breakfast the ASX was expected to fall dramatically when the market opens.

If it's happening in Perth, you'll hear about it first on 6PR Breakfast with Millsy and Karl!

If it's happening in Perth, you'll hear about it first on 6PR Breakfast with Millsy and Karl!

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