US Fed Chair Jerome Powell told a congressional panel that he expects additional interest rate hikes this year, noting that inflation still remains too high.
He added that "weakness may continue into July" as the Fed hikes rates one last time before pausing until a first cut in the first quarter of 2024.The broad-based S&P 500 declined 0.5 percent to 4,365.69, while the tech-rich Nasdaq Composite Index dropped 1.2 percent to 13,502.20.
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