Wall Street closes lower as the Fed pounds rate hike drum - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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The equity market has been slow to acknowledge a consistent message from Fed officials that rates will go higher for longer until the pace of inflation is clearly slowing. “There’s a likelihood that the Fed with further rate hikes pushes the economy into a recession in order to bring inflation down,” Pride said. “We don’t think the markets have fully picked up on this.”Despite the day’s decline, the three major indexes were poised to post a weekly gain after the sharp rally on Monday and Tuesday.On Friday the non-farm payrolls report on employment in September will help investors gauge whether the Fed alters its aggressive rate-hiking plans.

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