Markets were mixed on Friday after a surprisingly strong jobs report renewed worries about inflation and more rate hikes from the Federal Reserve.
renewed worries about inflation and more rate hikes from the Federal Reserve.
Stocks had been on the upswing for the last month on hopes the worst of the nation's high inflation may have passed already. That fed expectations for the Federal Reserve to dial down the intensity of its big interest-rate hikes as it moves to slow the economy. Such jumps in pay are helpful to workers struggling to keep up with soaring prices for everyday necessities. The Federal Reserve's worry is that too-strong gains could cause inflation to become further entrenched in the economy. That's because wages make up a big part of costs for companies in services industries, and those companies could end up raising their own prices further to cover higher wages for their employees.
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