US markets sink ahead of another expected interest rate hike

NEW YORK (AP) — Wall Street is pointing lower ahead of another expected large interest rate hike from the U.S. Federal Reserve.

Futures for the Dow Jones industrials and futures for the S&P 500 each tumbled 0.9% Monday. Britain was observing a day of mourning for Queen Elizabeth II. Japan’s markets were closed for a holiday. Germany’s DAX lost 0.4% while the CAC 40 in Paris shed 1%.

Markets have been on edge because of stubbornly high inflation and the increases in interest rates being used to fight it.

The fear is that the Fed and other central banks might overshoot their policy targets, triggering a recession.

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