Wall Street dives on fears of sersized interest rate hikes to tame runaway inflation

Wall Street stocks have plunged on fears that the US Federal Reserve will be forced to make more drastic interest rate rises to get inflation under control. 

Investors worry rates hikes could be supersized despite Fed chair Jerome Powell explicitly ruling out aggressive increases of three-quarters of a percentage point. 

Meanwhile, the Bank of England hikes by 25 basis points to 1 percent while inflation in Turkey hits 70 percent.

I speak with Tom Oriti on ABC NewsRadio