Stock prices tumbled and bond yields rose as many investors feared a more aggressive Federal Reserve
Higher rates likely won't cause deep U.S. recession, Powell says
The ECB's benchmark is now 1.25% for lending to banks, with more hikes on tap
The Bank of Canada said interest rates will need to rise further to bring inflation down to its 2% target
Powell's message may disappoint investors who were hoping for a signal that the Fed might soon moderate its rate increases
Concerns about a recession have been eased, for now, by the ongoing strength of the job market
Wednesday's report increased hope that the modest slowdown might enable the Fed to slow the pace of its rate increases
Legal, operational issues may arise with loans as key benchmark is eliminated
Loan books dominated by residential mortgages are vulnerable to a market downturn, DBRS says
The U.S. Federal Reserve's rate hikes aren't suited to address all the causes of high inflation, however