On Wall Street, the S&P 500 index closed down 0.85%, extending losses from the previous session. The Nasdaq Composite, which is loaded with technology companies that are more sensitive to changes in borrowing costs, lost 1.37 percent on Thursday. The European Stoxx 600 closed down 1.8%. Those moves in equity markets came after the Fed raised interest rates by 0.75 percentage points on Wednesday, marking the third consecutive hike of such size and lifting the central bank’s target range to 3 to 3.25 percent. At the same time, a closely watched “dot” of forecasts by US rate-setters pointed to further hikes and no cuts before the end of this year. The chart reflects expectations for the US benchmark interest rate to rise to 4.4 percent by the end of 2022 before peaking at 4.6 percent next year. The yield on the 10-year U.S. Treasury note, seen as a proxy for global borrowing costs, jumped 0.19 percentage points to 3.7 percent as the price of the debt fell. The two-year policy-sensitive yield rose 0.12 percentage points to 4.12%. Other government bonds also came under pressure, with the yield on 10-year British gold rising 0.19 percentage points to 3.5 percent and the yield on the equivalent German bond adding 0.07 percentage points to 1.97 percent. In currencies, the dollar rose 0.54 percent against a basket of six bonds, reversing declines fueled earlier in the session by Japan stepping in to support the yen for the first time in 24 years. The dollar’s earlier decline came as the yen rose as much as 2.6% to ¥140.36 against the greenback after Japan’s top currency official said the government had taken “decisive measures” to deal with a “rapid and unilateral” movement abroad. foreign exchange market. Tokyo last bought US dollars to defend the yen in 1998. The yen’s rise marked a sharp reversal from a loss of as much as 1.3 percent earlier in the session after the Bank of Japan said it would keep its key interest rate at negative levels, widening the gap between loose monetary policy and the trend toward raising interest rates indicated by other central banks. Other central banks joined the week’s tightening trend on Thursday, with the Bank of England raising its key lending rate by 0.5 percentage points to 2.25 percent and the Swiss National Bank raising borrowing costs by 0. 75 percentage points to 0.5%. The decision, described by ING analysts as “the end of an era”, marked a turn into positive territory by the SNB for the first time since 2015. Luke Bartholomew, senior economist at Edinburgh-based asset manager Abrdn, said the UK rate hike “actually looks rather small” compared to larger increases by other central banks. “The Bank of England therefore continues to look like something of a laggard compared to international peers, which is likely to keep the pound under selling pressure,” he added. Concerns have intensified in recent months that interest rates will rise around the world to levels that worsen the economic downturn as authorities try to rein in rapid price increases.