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In addition, San Francisco Federal Reserve Bank President Mary Daly said it is “reasonable” to believe that once the Fed’s policy rates reached their peak, they could stay there into 2024. The Dow Jones Industrial Average fell 281.76 points, or 0.85%, to 32,920.46; the S&P 500 lost 43.39 points, or 1.11%, to 3,852.36; and the Nasdaq Composite dropped 105.11 points, or 0.97%, to 10,705.41.Money market bets show at least two 25 bps rate hikes next year and a terminal rate of about 4.8% by midyear, before falling to around 4.4% by the end of 2023.
The prospects of a “Santa Claus rally”, or year-end uptick, in markets this year have dimmed, as the majority of global central banks have adopted tightening policies. The Bank of England and the European Central Bank were the most recent to indicate an extended rate-hike cycle on Thursday. Meta Platforms Inc advanced 2.82% after J.P. Morgan upgraded the stock to “overweight” from “neutral,” while Adobe Inc gained 2.99% after the Photoshop maker forecast first-quarter profit above expectations.
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