Jerome Powell's short sharp speech warning of more rates pain rocks global markets

The global fallout about the likelihood of more aggressive interest rate rises continued overnight as fears grow that the battle to contain inflation will push the United States into a recession.

The volatility looks set to continue after Australian shares took a major hit yesterday on signs that the Reserve Bank's inflation-fighting strategy has been embolded by rate warnings from America's central bank.

I speak with Tom Oriti on ABC Newsradio