U.S. equity markets plummet over renewed fears of financial system instability and Fed rate hikes
US equity markets fell over 1% due to regional bank shares tumbling, while gold had its biggest daily gain in a month on renewed fears of contagion in the banking sector. The Fed is expected to announce a rate hike tonight, and Treasury Secretary Janet Yellen warns of potential payment obligation issues without legislation to raise Washington’s borrowing limit. Meanwhile, WTI crude oil and Brent fell by 5.29% and 5.03%, respectively. The Dollar Index dipped, while Bitcoin and Ethereum both gained.