US stocks slumped on Tuesday, with technology shares taking the biggest hit, after data showed monthly consumer prices unexpectedly rose in August, cementing bets of a third straight 75-basis-point rate hike from the Federal Reserve next week.
The Fed has raised borrowing costs faster this year than at any time since the 1980s, showing its determination to keep raising rates until there is a sustained drop in inflation, which has been running at 40-year highs and above the Fed's target of 2%.
The Labor Department's consumer price index (CPI) report showed monthly CPI gained 0.1% in August from July, against expectation of
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