*DOLLAR SOARS, BONDS PLUNGE AS RECESSION FEARS GROW -
Britain, Sweden, Switzerland, Norway and other countries also hiked rates this week. But the Fed's signal that it expects high U.S. rates to persist through 2023 sparked the rout in equity and bond markets.
"People have been reflecting on that uncertainty and it might mean more tightening ahead, it might mean even more tightening of financial conditions that the markets have to go through." Sterling fell 3.49% to $1.0864 in its biggest single-day decline since March 2020 when the COVID-19 pandemic rocked markets. The pound was already under pressure before the tax cut announcement, down 11% since the start of July.
The dollar hit its highest in two decades and extended its double-digit gains for the year against several currencies.
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