Global shares retreated this morning and overnight in Wall Street as Federal Reserve members signal more aggressiveness when it comes to beating inflation and accelerating the pace of hiking rates.  San Francisco Fed President May Daly signaled the possibility of a 50-basis point hike in the next May meeting, while other fed officials agreed it was necessary causing another downward spiral in the markets.

Although markets anticipate 5 to 7 rate increases throughout the year, as Powel mentioned earlier, it was expected to be in a gradual effect thus markets took the remarks as a surprise, stepping away from risky assets while they digest and price-in the upcoming FOMC meeting due in May.

Rising oil prices capped gains for major indices as the banking sector couldn’t sustain gains on the backfoot of rising rates, while tech traditionally also ended in the red territory.

Safe havens were quick to fluctuate as the yen hit a 6 year low of 121.41 while gold prices continued to trade sideways between the range of $1918 and $1945. Over inflation worries and prolonged Ukraine “peaceful talks”.

Oil prices on the other hand V.S. all assets opened up on a gap after Russian President Vladimir Putin’s recent comments on how “unfriendly countries” will add to gas disruptions limiting supply.