U.S. stock indexes were set to open lower on Monday on worries over the Federal Reserve’s plan to keep raising interest rates in its fight against inflation even at the cost of an economic slowdown. Fed Chair Jerome Powell said on Friday that the U.S. economy would need tight monetary policy “for some time” before inflation is under control, knocking Wall Street’s main indexes down more than 3%. Money market traders are pricing in a 64.5% chance of a third straight 75-basis-point interest rate hike in September and expect the Fed funds rate to end the year around 3.7%. The …
