Fed's Hawkish Hike Sends ASX Tumbling as IMF Downgrades Australia

The ASX 200 is bracing for a 68-point drop at the open after Wall Street reacted badly to the Federal Reserve's first rate hike in three years and Chairman Kevin Warsh's hawkish commentary on persistent inflation.

Money Moves

• Fed hikes 25 basis points — The US central bank lifted rates to 3.75%-4.00%, with median forecasts pointing to 4.1% by year-end, spooking global markets.
• ASX futures point 0.8% lower — Australian share futures fell overnight as...