The S&P 500 dropped 28 points, or 0.7%, as of 9:49 a.m. ET, while the Dow Jones industrials fell 231 points, or 0.9%.
being used to fight it. The fear is that the Fed and other central banks might overshoot their policy targets, triggering a recession.
Most economists forecast that the Fed will jack up its primary lending rate another three-quarters of a point when the central bank's leaders meet this week."Fact is, hawkish expectations built on the 'hot under the hood' U.S. inflation print means that markets have good reason to be braced for headwinds amid prospects of higher rates; and arguably 'higher for longer' USD as well," Vishnu Varathan of Mizuho Bank said in a commentary.
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