The stock market indices posted losses in the last trading session, with the S&P 500 declining 0.1%, while the Dow and the tech-heavy Nasdaq Composite lost 0.2%. The stock market moved downward after the Fed’s chair Jerome Powell stated in Congress that the Central Bank is ‘strongly committed’ to lower inflation, stoking recession fears.
The Fed recently dished out a 75 basis point rate hike, marking its largest increase in decades. Moreover, according to a Reuters economist poll, the central bank might deliver another 75-basis-point interest rate hike in July, followed by a half-percentage-point rise in September.
