Big banks were among the few bright spots in stock markets Friday after posting stronger-than-expected earnings, though executives warned that recent stress in the financial sector is darkening their outlook for the U.S. economy.
Major indexes fell after a Federal Reserve official said that inflation remained stubbornly high and that the central bank needs to continue raising interest rates to slow the pace of lending. Data released this week showed that inflation eased in March but that underlying price pressures persisted.
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