Stocks dropped on Friday after failed peace talks between Russia and Ukraine and as US inflation hit a 40-year high.
“Fears over an aggressive monetary tightening by the Federal Reserve have also resurfaced as the US’ inflation hit a 40-year high of 7.9% last February,” Mr. Tantiangco added. The consumer price index increased 0.8% last month after gaining 0.6% in January. A 6.6% rebound in gasoline prices accounted for almost a third of the increase in the CPI.
With inflation nearly four times the US central bank’s 2% target, economists are expecting as many as seven rate hikes this year, Reuters reported.
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