FTSE 100 Live: City sees 6% interest rates as Fed chair speech sparks ‘higher for longer’ fears

A speech by Federal Reserve boss Jerome Powell erased all of the gains made this morning by London’s top flight. The FTSE 100 is flat right now, having been up 60 points for the day in the early afternoon, after Powell’s speech was seen as hawkish. In London, shares in CMC Markets have fallen after it said subdued conditions meant profit could be £30 million less than forecast.