Fed rate hike fears weigh on US stocks

The US stock markets slipped in last session following Fed Chairman Kevin Warsh's statement signaling a possible rate hike due to persistently high inflation. The Dow Jones Industrial Average eased 0.02%, or 9.45 points, to close at 53,559.99. The S&P 500 dropped 0.25%, or 19.23 points, to finish the week at 7,711.76, while the Nasdaq Composite fell 0.52%, or 138.93 points, to 26,402.42. Dow is up around 2% this month. Fed Chairman Warsh noted that additional monetary policy steps may be needed if inflation does not fall to the target level.

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