Shares of 3M (NYSE: MMM) are trading 2.8% lower at 10:46 a.m. ET on Thursday morning on no company-specific news, but a hotter-than-expected producer price index (PPI) reading had investors concerned about further aggressive Federal Reserve interest action.
Cleveland Fed bank president Loretta Mester was reported as saying she saw a "compelling" case for more interest rate hikes to combat inflation. While the Fed ultimately raised rates by only a quarter of a percentage point at its last meeting, Mester thought a half-percentage-point increase would have been more appropriate.
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Source Fool.com