Minutes from the FOMC's December meeting include an unusually blunt warning to investors, cautioning against underestimating the Fed's will to keep interest rates high for some time.

Only the Japanese yen has proved stronger than the greenback among G-10 currencies so far this year, with the Norwegian krone, euro, and Swiss franc falling sharply.

Already on thin ice financially, the city's pensions could take an even deeper hit in 2023 if the market rout continues to erode returns.

After a decade of struggling to keep up with Wall Street, European banks are enjoying a rare period of outperformance, buttressed by four large interest rate increases in the span of just half a year.