U.S. stock indexes fell 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%. Powell's blunt and hawkish remarks quashed hopes that the U.S. central bank will resort to modest rate hikes after recent data suggested that price pressures were easing.

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