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US Stocks closed lower on Monday, as the CPI-fuelled rally lost steam after two Federal Reserve officials reiterated the central bank’s stance on curbing inflation. Despite remaining optimistic about a possible tapered hike as early as December, the officials stressed that the central bank will follow through with its resolve to bring down inflation to levels consistent with the 2% target. Tech-heavy equity benchmarks fell amid big tech’s retrench season, with Amazon joining the running list of layoffs with plans to cut 10,000 jobs.