Finance

Major equity markets turned sharply negative following the central bank's policy announcement and subsequent hawkish commentary. The Dow Jones Industrial Average dropped over 600 points, reversing earlier midday gains, while the S&P 500 and Nasdaq Composite also suffered declines as over 60% of tracked domestic equities retreated.

Crude oil prices spiked past $108 a barrel this week due to intensifying supply worries following the shutdown of a critical pipeline in Saudi Arabia. The rapid increase in energy costs has heightened inflationary anxieties and placed added macroeconomic pressure on fixed-income markets, pushing the 10-year Treasury yield toward the 5% mark.

Digital assets experienced notable downward pressure as the failure of the legislative CLARITY Act dampened regulatory sentiment. The broader crypto sell-off was further exacerbated by the Federal Reserve's restrictive macroeconomic stance, dragging Bitcoin down by more than 3% from its previous session levels.