NEW YORK, Aug 6 — Stock markets mostly fell yesterday as a much stronger-than-expected US jobs report raised the prospect that the Federal Reserve will maintain its aggressive monetary policy to combat inflation.
Yesterday's data also showed US wages jumped, which will add to inflation concerns and likely push the Fed to raise rates aggressively again next month.Markets fell after the “absolutely monster” jobs report leaves “the Fed with all the ammo it needs to keep on hiking a lot more,” Markets.com analyst Neil Wilson told AFP.
“Stocks really did hold up today all things considered, given the perspective going into the report,” said Briefing.com analyst Patrick O’Hare, who added that investors may have interpreted the data as showing the economy can withstand the Fed’s actions. The BoE’s rate increase followed more aggressive monetary policy from the European Central Bank and the Fed as authorities crack down on rampant inflation in the wake of Russia’s invasion of Ukraine.
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