Oliver Mangan: Central Banks' hawkish moves mean recession fears are taking hold

Markets are taking little comfort from positive economic forecasts and look set to remain very volatile

Markets now see euro rates hitting 2.25% by the end of 2023. File Picture

The policy meetings of central banks this month have almost uniformly delivered far more hawkish outcomes than markets had been expecting, or indeed, central banks themselves had been guiding. 

The US Fed had previously indicated that a 75bps hike was not under active consideration for its June meeting, but this is what it delivered. The Swiss National Bank stunned markets with a completely unexpected 50bps hike last week.