US stocks end sharply lower on fears of aggressive Fed rate hike

Wall Street ended sharply lower on Monday as investors fretted about a US Federal Reserve gathering later this week in Jackson Hole, Wyoming, that is expected to reinforce a strong commitment by the central bank to stamp out inflation.

“Powell is going to try to sound hawkish to tamp down inflationary expectations and tighten financial conditions. So that’s most likely going to be a negative catalyst for the market,” warned Jay Hatfield, chief investment officer at Infrastructure Capital Management in New York. Investors will also be looking for details on the Fed’s plans to reduce its nearly $9-trillion balance sheet, a process that started in June.

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