Business

So much for Wall Street sitting back and taking it easy while awaiting the Federal Reserve’s latest interest rate decision on Wednesday. Stocks slid Tuesday as investors grew anxious about the impact of another big rate hike.

US stocks alternated between slight losses and modest gains Monday before eventually closing higher ahead of the Federal Reserve’s two-day policy meeting later this week.

Central banks are faced with the unenviable task of trying to put a lid on decades-high inflation without triggering harsh recessions that could unleash misery around the world. But Robert Shiller, a Nobel Prize-winning economist at Yale University, thinks they have no choice but to hold the line.

US stocks opened lower on Monday after all three major indexes logged their worst week since June. The declines came as interest rates spiked ahead of the Federal Reserve’s two-day policy meeting later this week.