Wall Street’s benchmark indexes fell sharply on Thursday amid a broad sell-off triggered by data showing strong US payroll numbers, which boosted bond yields. Investors now fear the US Federal Reserve will raise interest rates to address inflation. Private payrolls saw a larger-than-anticipated increase in June, with evidence of a solid labour market backing expectations that the Fed will keep interest rates higher for longer.
Wall Street logs sharp losses as labor market strength stokes rate-hike fears
Wall Street’s benchmark indexes fell sharply on Thursday amid a broad sell-off triggered by data showing strong US payroll numbers, which boosted bond yields. Investors now fear the US Federal Reserve will raise interest rates to address inflation. Private payrolls saw a larger-than-anticipated increase in June, with evidence of a solid labour market backing expectations that the Fed will keep interest rates higher for longer.