US stocks dropped on Wednesday after a hotter-than-expected retail sales report suggested to investors that interest rates might stay higher for longer.
Retail sales in January surged 3%, which was well above economist estimates of 1.8% and represented the biggest monthly gain for retail sales since March 2021. The strong retail sales report sparked a surge in interest rates and suggests an economic recession may be farther away than most expect. That could lead the Federal Reserve to hike interest rates more than expected, and to keep them higher for longer to ensure that inflation doesn't rebound.
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