On Friday, world markets finished their worst weekly decline since the pandemic meltdown of March 2020, as investors concerned that inflation-fighting central banks' stricter monetary policies would harm economic development. The highest rate hike by the US Federal Reserve since 1994, the first such action by the Swiss in 15 years, the sixth rate hike in the UK since December, and a move by the European Central Bank to support the indebted south all roiled markets.
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