Forex
US Stocks Drift Lower Amid Expectations of Imminent Rate Hike
US stocks drifted lower on August 28th as expectations rose for the Federal Reserve to hike interest rates soon to control high inflation.
The market's decline was seen as a result of investors' increasing confidence that the Fed will take action to combat rising prices, which have been a concern in recent months.
According to AP Business Writer Stan Choe, the Federal Reserve is likely to raise interest rates to get inflation under control. The exact timing and magnitude of the rate hike are still uncertain.