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The alarm bells are ringing louder in markets

Stephen Bartholomeusz Senior business columnist November 19, 2025 — 11.59am

There appear to be three key drivers of the developing rout in share and crypto markets: the Federal Reserve Board, Donald Trump’s tariffs and the massive investments being poured into artificial intelligence.

It’s not a coincidence that the downturn in the markets started in late October, just after the Fed’s most recent meeting of its Open Market Committee, which sets US monetary policy. The committee cut the Fed’s policy rate by 25 basis points on October 29.

Ahead of that meeting, futures markets were pricing in a 90 per cent probability of another cut in December. In the aftermath of the meeting and chairman Jero

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