Forex
US Stocks Drift Lower Amid Rising Expectations of Fed Rate Hikes
US stocks drifted lower after expectations rose for the Fed to hike rates to control inflation.
The bond market shook under a flurry of moves by investors anticipating the Federal Reserve may hike interest rates soon.
Economists said Chairman Kevin Warsh's speech at an annual economic symposium in Jackson Hole, Wyoming strengthened faith that the Fed will do what's needed to bring down inflation.
Warsh emphasized that 'short-term interest rates are the predominant tool' for the Fed to control inflation and maintain a strong job market.