European stocks slip and U.S. equity futures pause as investors continue to absorb hawkish Fed turn

European stocks dipped on Friday, while U.S. equity futures traded mostly flat, as investors continued to absorb a hawkish turn by the Federal Reserve. Banks and energy companies led the decliners.

The Fed was viewed as taking a hawkish turn on Wednesday after its summary of economic projections showed two interest rate increases in 2023, and that it has begun talking about when to slow the rate of bond purchases. Also on Thursday, the dollar soared and commodity prices tumbled, though that action seemed to be calming down on Friday, with a bounce for hard-hit gold GCQ21, +0.99%. Tumbling bond yields was another reaction. The yield on the 10-year Treasury TMUBMUSD10Y, 1.487% was steady at 1.508%. The yield saw its sharpest slide since June 4 between Wednesday and Thursday.As reflation trades unwound, bank stocks came under pressure, with HSBC HSBC, -1.04% HSBA, -1.27% down 0.4% and BNP Paribas BNP, -2.

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