Stock markets in the US opened lower on Monday

chairman of the Federal Reserve, said hikes would continue in a bid to stem the rate of rising prices.

Inflation in the US is at a four decades-high and the US economy has shrunk for two consecutive quarters.

That milestone in many countries would be considered an economic recession,

it is not classed as such in the US, which uses additional data to make that call.

Jerome Powell, the head of the US central bank, is under pressure to rein in inflation

These are the unfortunate costs of reducing inflation

The drop follows a sharp fall on Wall Street on Friday, with all three benchmarks more than 3% lower.

Technology stocks such as Apple Inc, Microsoft Corp and Tesla Inc were down between 0.6% and 1.3% in early trading.

The central bank has raised interest rates in recent months in response to spiralling prices