Energy stocks were dropping Wednesday as the price of oil continued to fall. Rising interest rates are raising concern that the economy could grow more slowly, cutting into demand.
Not only has the Federal Reserve made it clear that it may raise its target for the fed-funds rate higher than investors had expected, and keep it elevated for longer, but yields have been taking off for longer-dated Treasury debt. That boosts the cost of longer-term loans such as mortgages, with potentially negative consequences for the housing market.
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