A day after the Federal Reserve hiked interest rates to a historic high, US stocks plunged as more central banks around the world hiked interest rates to curb inflation.

Day after Fed rate hike, US stocks plunge amid recession fears

According to a poll, Americans listed economic woes over the pandemic as their main concern even as the pandemic continues to sweep the country. The coronavirus pandemic was listed by just 37 per cent of people as the top five priorities for the government this year.

Amid pandemic, poll reveals Americans have other major concerns

The US economy’s rebound from the pandemic is driving the biggest surge in inflation in nearly 13 years, with consumer prices rising in May by 5% from a year ago. The Labor Department said last month’s increase in the consumer-price index was the largest since August 2008, when the reading rose 5.4%.

World Business Watch: US inflation highest in 13 years as prices surge 5% in May