Monday ended up a down day on Wall Street ‘s main indexes ended lower on Monday, as investors digested comments from U.S. Federal Reserve officials about plans for interest rate hikes.
Losses accelerated toward the end of the up-and-down session, with focus turning to Tuesday’s producer price index report and markets highly sensitive to inflation data. real estate and discretionary sectors leading broad declines.
The Fed Outings included Christopher Waller on Sunday who said the Fed may consider slowing the pace of increases at its next meeting but that should not be seen as a “softening” in its commitment to lower inflation. Monetary policy tightening “isn’t ending in the next meeting or two”, and Fed Vice Chair Lael Brainard who signalled that the central bank would likely soon slow its interest rates hikes but added that there still was “additional work to do on raising rates.”
“There is still a sensitivity to Fed speak… One was a little hawkish, one was a little dovish,” said Eric Kuby, chief investment officer at North Star Investment Management Corp.
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