It was last at 4.147 per cent.The Wall Street losses came amid the ongoing conflict in the Middle East."We're talking about a strong economy," Gary Schlossberg, a Wells Fargo Investment Institute market strategist, said."That just adds to inflation risk coming from the Gulf."It makes it difficult for the Fed to even think about rate cuts and might even increase the chances — although we're still not forecasting that yet — of a rate hike by the Fed before the end of the year against the backdrop of inflation."US President Donald Trump reacted with confusion to the Wall Street losses."With a great Jobs Report, like just announced, stocks should go up, not down," he said on Truth Social."That's the way it was for 200 years Growth does not mean inflation!"How else can a country attain GREATNESS???"The tech tremors also hit Asian stock markets.South Korea's tech-heavy stock market tanked almost 7 per cent at one point on Friday, local time, before ending down 5.5 per cent, while Japan's Nikkei was off more than 1 per cent.The Fed has been holding interest rates steady as it tries to gauge the ongoing impact from rising inflation.Newly-installed Fed Chair Kevin Warsh is set to head his first policy meeting in the coming fortnight.Prices were already ticking higher from the impact of tariffs, while the US war with Iran has essentially blocked crude oil shipments from moving through the Strait of Hormuz.The price of Brent crude — the international standard — fell 2 per cent to settle at $US93.09 ($132)