U.S. stock indexes fell on Monday, led by shares of Tesla and other megapcap companies, as investors feared that the Federal Reserve's monetary policy tightening campaign could push the U.S. economy into a recession.
, and the central bank projected that interest rates would top the 5% mark in 2023, a level not seen since 2007.
Further, hawkish messages delivered by three Fed officials including New York Fed President John Williams last week underscored the U.S. central bank's determination to do what it takes to ease price pressures. Still, money market participants are pricing in 61% chance of a 25 basis points rate hike in February to 4.5%-4.75%, with a terminal rate of 4.84% in May 2023.
Data on the labor market and inflation this week will set the investor mood, providing more clues on future rate hikes by the central bank.
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