Wall Street's main indexes ended sharply lower due to additional data showing that prices remain high and U.S. jobs were plentiful – fueling fears the U.S. Federal Reserve will continue to aggressively raise interest rates in its effort to tame inflation
Roku soars as revenue forecast beats estimateFeb 16 - Wall Street ended sharply lower on Thursday after unexpectedly strong inflation data and a drop in weekly jobless claims added to fears that the U.S. Federal Reserve will keep raising interest rates to tame high prices.the highest rise in producer prices in seven months in January as the cost of energy products surged.
It also showed the number of Americans filing new claims for unemployment benefits unexpectedly fell last week, offering more evidence that the labor market remains tight. Thursday's economic data and other reports this week paint a picture of still-stubborn inflation and an economy that remains relatively strong in the face of the Fed's rate hike campaign.
"With data like this, the Fed is going to keep raising rates, and none of us want that," said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York. "There are at least whispers now of the possibility of a 50 basis point hike at the next meeting."
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