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Wall Street extends losses on rate hike worries; Dow falls over 200 pts

Traders expect 75bps rate hike in September; Dow Inc falls after Keybanc cuts to 'underweight'

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Traders work on the floor of the New York Stock Exchange (NYSE) in New York City (Photo: Reuters)

Reuters
US stock indexes fell on Monday, adding to a sharp selloff last week as investors worried about the Federal Reserve's plan to keep raising interest rates in its fight against inflation even at the cost of an economic slowdown.

Fed Chair Jerome Powell said on Friday that the U.S. economy would need tight monetary policy "for some time" before inflation is under control, quashing hopes of more modest rate hikes after recent data suggested price pressures were peaking.

"Investors are coming to terms with the idea that the Fed is serious about curbing inflation," Rod von Lipsey, managing director at UBS Private

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Aug 29 2022 | 7:11 PM IST

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