US stocks slipped, with investors hunkering down ahead of the Federal Reserve’s policy decision on Wednesday, when the central bank is expected to raise interest rates to their highest since the 2008 financial crisis.
Wall Street’s benchmark S&P 500 finished 1.3 per cent lower on Monday, while the tech-heavy Nasdaq Composite dropped 2 per cent.
The Fed is expected to raise interest rates by a quarter of a percentage point, continuing to scale back the size of its increases. Early data have shown that the US central bank’s aggressive efforts to combat inflation are bearing fruit, but chair Jay Powell could yet buck expectations that the Fed will stop raising rates and cut them later in the year.
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