Stocks retreat as Fed officials fan rate hike fears

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Stock markets retreated Friday as a string of top Federal Reserve officials pressed their cases for fighting inflation, raising concerns the bank will embark on an aggressive campaign that could see four interest rate hikes this year

London's losses were capped and the British pound climbed as official data showed the UK economy recovered to above its pre-pandemic level in November.

She added, however, that"the next UK economic data readings are likely to lay bare the pressures from Omicron". Data showing US inflation appeared to be stabilising added to the positivity and tempered fears about the end of the ultra-loose monetary policies, which have been key to a near two-year markets rally and global economic rebound.Lael Brainard, in her Senate hearing to become Powell's deputy, said rates could rise as early as March, a move supported by Fed Bank of Philadelphia chief Patrick Harker, who also raised the possibility of another three before the end of the year.

Minutes from the bank's December policy meeting showed officials were keen to act quickly to tame prices, and speed up the taper of its massive bond-buying programme, then begin offloading its Treasury holdings -- measures that have been used to keep rates at all-time lows.

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