Stocks closed well off session lows as comments from Federal Reserve officials brought some relief to investors worried that a more aggressive pace of rate hikes could trigger a recession.
Treasury two-year yields fell as traders shifted their bets away from a full-point hike by the Fed this month. Markets may have gotten a little ahead of themselves in betting on a move of that magnitude, Waller said. The Bloomberg Dollar Spot Index pared gains, but still traded at an all-time high. Shrinking the Fed’s US$8.9 trillion balance sheet will have an effect over time equivalent to no more than three quarter-point interest-rate hikes, according to a new study by a Fed Bank of Atlanta economist. That suggests the asset reductions will have a relatively modest effect compared to rate hikes to counter inflation.
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