Fed's Rate Hike Plans Face Immediate Pushback and Possible Pause

Traders and commentators are challenging Federal Reserve Chair Jerome Powell's assessment of the economy, with the bond market adding to bets that the US central bank's next move will be to cut its benchmark interest rate. Financial stocks tumbled even after Powell had seen a line being drawn under US bank turmoil. Meanwhile, crude oil prices sank 4.3% reflecting concerns about weakening economic growth in major economies. Jeffrey Gundlach, co-founder of DoubleLine Capital, told CNBC there's an increased likelihood of a recession and the Fed likely won't lift interest rates again following its latest increase.