US stocks: Wall Street falls more than 1% over rate hike fears

Jerome Powell told Congress the Federal Reserve will likely need to raise interest rates more than previously expected as it seeks to rein in stubbornly high inflation. This sent stock investors fleeing and caused the US stock indexes to drop sharply. The Fed is prepared to hike rates in larger steps if future economic data suggests tougher measures are needed to control rising prices. https://ift.tt/v9I243X