The Dow dropped more than 300 points to enter a bear market as US markets extended their slide
Global markets are in a tizzy Monday after
while ramping up borrowing. Investors panicked, worrying the unorthodox approach could feed inflation — and the British pound plunged to a new record low against the US dollar., the Bank of England released a statement Monday assuring it is “monitoring developments in financial markets very closely” — and that it will examine the effect Truss' plans would have on inflation at its next meeting in November, saying it would “not hesitate to change interest rates as necessary.
The UK Treasury also joined the"keep calm and carry on" effort, releasing its own statement saying finance minister Kwasi Kwarteng will detail the government's plans to ensure the sustainability of the UK debt over the medium term on November 23. You can't blame them for trying. But there's a lot for investors to be nervous about right now, and the dramatic market reaction only underscores just how tense things are.
“The initial reaction in the markets, with the pound falling again after it regained some ground, suggests that the issue may not be put to bed yet," Paul Dales, chief UK economist at Capital Economics, told Julia.
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