Frankfurt/London/New York – Global markets were sent into a tailspin today following hawkish monetary policy decisions from the U.S. Federal Reserve and the Bank of England. Germany's DAX index suffered its steepest decline since last July, as hopes for an imminent interest rate cut, fueled by comments from Fed Chair Jerome Powell, were dashed. Instead, hints of a prolonged restrictive monetary policy stance dampened investor sentiment. The DAX closed 2.30% lower at 18,083.05 points, eroding nearly eight percent of its year-to-date gains. The MDAX and EuroStoxx 50 also experienced significant losses. The gloomy mood wasn't confined to Frankfurt. Both London and New York markets closed sharply lower, despite the Bank of England's first interest rate increase since the onset of the inflationary wave. The Dow Jones Industrial Average and the Nasdaq 100 each lost around 1.3% by the close of European trading. Analysts attributed the market's violent swings to heightened inve...