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Shares have skidded in Europe and Asia after Wall Street tumbled as bond yields tightened their chokehold BANGKOK -- Shares skidded Thursday in Europe and Asia after Wall Street tumbled as bond yields tightened their chokehold. Germany's DAX fell 1.1% to 14,722.60 and the CAC 40 in Paris shed 0.8% to 6,860.72. Britain's FTSE 100 was down 0.7% at 7,361.04. The future for the S & P 500 dropped 0.7% and that for the Dow Jones Industrial Average was down 0.2%. On Wednesday, On Wednesday, the S & P 500 tumbled 1.4%, back back to where it was in May. Some of the heaviest losses hit Big Tech stocks, which dragged the Nasdaq composite to its second-worst drop of the year. It gave up 2.4%. The Dow industrials fell 0.3%. The yield on the 10-year Treasury has nudged back up toward 5%. It was at 4.95% early Thursday after dipping to 4.82% late Tuesday. In Asian trading, Tokyo’s Nikkei 225 sank 2.1% to 30,601.78 and the Kospi in Seoul declined 2.7% to 2,309.14. Hong Kong's Ha...

Last year’s spike in inflation, to the highest level in four decades, was painful enough for American households WASHINGTON -- Last year's spike in inflation, to the highest level in four decades, was painful enough for American households. Yet the cure — much higher interest rates, to cool spending and hiring — was expected to bring even more pain. Grim forecasts from economists had predicted that as the Federal Reserve jacked up its benchmark rate ever higher, consumers and businesses would curb spending, companies would slash jobs and unemployment would spike as high as 7% or more — twice its level when the Fed began tightening credit. Yet so far, to widespread relief, the reality has been anything but: As interest rates have surged, inflation has tumbled from its peak of 9.1% in June 2022 to 3.7%. Yet the unemployment rate, at a still-low 3.8%, has scarcely budged since March 2022, when the Fed began imposing a series of 11 rate hikes at the fastest pace in decades. If such tre...