US markets declined, with the Dow Jones down -4.2% and S&P500 down – 2.6%, as Fed’s semi-annual report revealed officials expect that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive, leading to Fed swaps upgrading odds of 25bps increase at each of next 3 meeting to near-certainty’ and pricing in a peak policy rate of 5.5% in September.
