US stocks slump as Fed officials see more rate hikes in the pipeline to tame inflation

Traders working at the New York Stock Exchange.
US stocks fell Thursday as central bank officials dampened hopes for a so-called Fed pivot. 
Fed regional presidents James Bullard and Esther George see more rate hikes in store to cool inflation. 
Earnings from Macy’s and Kohl’s as well as economic data were also in focus during the session. 

US stocks dropped Thursday with the S&P 500 was on course for a second down day as Federal Reserve officials suggested the central bank is not close to finishing its work in raising interest rates to cool down inflation.

According to prepared remarks, St. Louis Federal Reserve President James Bullard said, “Thus far, the change in the monetary policy stance appears to have had only limited effects on observed inflation, but market pricing suggests disinflation is expected in 2023.” 

Investors also assessed quarterly financial results from retailers and economic data. Macy’s jumped after raising its yearly earnings forecast while Kohl’s fell…

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This article was written by [email protected] (Carla Mozée) and originally published on markets.businessinsider.com