Democrat sweep gives markets a reason to rethink path of interest rates

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The Democrats' resounding victory in the U.S. midterms has the potential to curb interest rate hikes globally next year, according to market watchers — but the uncertain path of oil prices, U.S. economic growth and fiscal policies will be key. Central banks around the world are back in monetary tightening mode, with the Federal Reserve , Bank of England , European Central Bank and Bank of Japan all raising rates in recent months. The shift has in part stemmed from the U.S. and Israel's war with Iran driving up prices in oil and gas markets. The war has also exacerbated a squeeze in global refining capacity which has sent the cost of products like diesel, gasoline and jet fuel soaring.