Wall Street stocks slid on Wednesday, ending the biggest two-day rally since 2020, after data showed U.S. labor demand remained strong and as Federal Reserve officials stuck to their hawkish message that interest rates will stay higher for longer.
The Fed is expected to deliver a fourth straight 75-basis-point rate hike when policymakers meet Nov. 1-2, the pricing of fed fund futures shows, according to CME's FedWatch tool.
"The path is clear: we are going to raise rates to restrictive territory, then hold them there for a while," she said. "We are committed to bringing inflation down, staying course until we are well and truly done."index rose 5.7% Monday and Tuesday as Treasury yields slid sharply on softer U.S. economic data, UK's turnaround on proposed tax cuts and Australia's smaller-than-expected rate hike.
"This is a very temporary blip in the market," Johan Grahn, head of ETF strategy at Allianz Investment Management LLC, said about the two-day rally.
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