U.S. stocks closed lower on Monday, adding to last week’s sharp losses on nagging concerns about the Federal Reserve’s determination to aggressively hike interest rates to fight inflation even as the economy slows. Fed Chair Jerome Powell said on Friday the U.S. economy would need tight monetary policy “for some time” before inflation is under control, dashing hopes the Fed might pivot to more subdued rate hikes after recent data suggested price pressures were peaking. The S&P 500 recovered from session lows that put it down 1% at the lowest in a month, but the benchmark index still notched its …
