NEW YORK, April 6 — Wall Street stocks finished sharply lower Tuesday following hawkish comments from a top Federal Reserve official that boosted expectations for more interest rate hikes.
The remarks helped lift the yield on the 10-year US Treasury note above 2.5 per cent, well above where it was throughout the Covid-19 pandemic. Brainard’s comments came as markets were already girding for tougher sanctions on Russia amid international outrage at carnage discovered in the Ukrainian town of Bucha following the withdrawal of Russian troops.
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