Stock market may see profit booking
Deccan ChronicleMumbai: The Indian stock market may open weak on Monday following the more than 3 per cent fall in the US market on Friday after US Federal Reserve chief Jerome Powell indicated sustained interest rate hikes to control inflation. Fed chairman Powell on Friday said the central bank will use its tools “forcefully” to attack inflation that is still running near its highest level in more than 40 years. The historical record cautions strongly against prematurely loosening policy.” After Federal Reserve vowed to keep interest rate higher to fight inflation at the cost of economic growth, the Dow Jones shed 3 per cent, in its biggest one-day drop since May. In cues for major central banks across the world, Fed chair Jerome Powell said that inflation is likely to remain higher for a longer period and thus require aggressive stance.