Friday's relief rally came as traders bet that the Federal Reserve will be less aggressive at its upcoming meeting. Thereported Sunday that the central bank is on track to lift interest rates by 75 basis points at its meeting later this month.
Still, it was the second negative week in the last three for all the major averages. Recession fears have been front and center in recent weeks as market participants worry that aggressive action from the Fed — in an effort to tame decades-high inflation — will ultimately tip the economy into a recession.
"Markets are likely to remain volatile in the coming months and trade based on hopes and fears about economic growth and inflation," Mark Haefele, chief investment officer at UBS Global Wealth Management, said in a recent note to clients.
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