Stocks Drop As Hot Data Drives Rate Hike Bets

OANDA – Stocks drop as hot data drives rate hike bets, US data impresses, BOC tightens as expected, Oil rallies, Gold turns positive US stocks turned negative as expectations grew that the Fed won’t be easing up on its rate-hiking campaign after both solid US economic data and aggressive rate hiking talk by the Bank of Canada. The US economy is still looking pretty good and that means the Fed may need to stick with the half-point rate hike pace beyond the summer. Everyone expects economic activity to soften over the next couple of months, especially since inflation risks remain elevated and no…

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