The data added to jitters that the Fed might continue on its aggressive policy tightening path.
"Stock Exchange" is seen over an entrance to the New York Stock Exchange on Wall St. in New York City, U.S., March 29, 2021. REUTERS/Brendan McDermid/File PhotoTesla slides on reports of production cut in ChinaDec 5 - Wall Street's main indexes fell on Monday after better-than expected service-sector activity added to jitters that the U.S. Federal Reserve might continue on its aggressive policy tightening path despite fears of a recession next year.
The data comes on the heels of a survey last week that showed stronger-than-expected job and wage growth in November, challenging hopes that the Fed might slow the pace and intensity of its rate hikes amid recent"The labor market looks fine and so it's almost just this kind of bizarre world where good news is bad news," said Jonathan Waite, fund manager at Frost Investment Advisors.
"Right now it's more of an issue of watching the Fed and they are going to need to tighten and longer than needed." Investors see an 89% chance that the U.S. central bank will increase interest rates by 50 basis points next week, with the rates peaking in May 2023. The rate-setting Federal Open Market Committee meets on Dec. 13-14, the final meeting in a volatile year, which saw the central bank attempt to arrest a multi-decade rise in inflation with record interest rate hikes.
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