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As the US raises the key interest rate three times in a row and heralds another increase, the aftermath is huge.

As a result, major stock indices in the United States fell all at once, and the global financial market was fluctuating.

Federal Reserve Chairman Jerome Powell has called it the “new normal” for overcoming high inflation and low growth.



Correspondent Seungmo Nam from Washington.



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US Dow Jones Industrial Average, which fell to the 29,200 level, slightly reduced its decline and closed at 29,590.



It fell 1.62%, breaking the 30,000 line.



The S&P 500 and Nasdaq also fell 1.72% and 1.8%, respectively.



The US Federal Reserve predicted further rate hikes and the massive tax cuts announced by the UK government also weighed on investor sentiment.



This is because there is concern that it will stimulate inflation and raise interest rates further, and the economy will sink further.



Stocks in the UK, Germany and France fell more than 2%, and the dollar's value against other currencies rose to its highest level in 20 years.



International oil prices collapsed below the $80 level due to the rise in the value of the dollar amid concerns about an economic downturn, and the price of gold also fell to its lowest level in two and a half years.



Chairman Jerome Powell described high inflation and low growth as the 'new normal' and the new standard during a Fed hearing.



[Jerome Powell/Federal Reserve Chairman: The insights you share here help address the challenges and opportunities that are becoming the 'new normal' of the US economy.



] There are also projections that the rate will be 5%, higher than the 4.6% the Fed had predicted.



It is analyzed that a sharp rise in interest rates and a contraction of the currency will cause further declines in stock prices, and a hard landing of the global economy is inevitable.



Now the market's attention is on the breadth and duration of the recession.



(Video coverage: Oh Jeong-sik, Video editing: Kim Kyung-yeon)