US stocks dipped on Friday on interest rate concerns following hawkish comments from Federal Reserve officials on the path of future rate increases.
US treasury yields were up across the curve as traders bet on odds of higher interest rates after this week's Producer Price Index reading came in higher than expected and pointed to stubbornly high inflation. Fed officials James Bullard and Loretta Mester this week said further interest rate hikes could be warranted to keep up the fight against inflation. Cleveland Fed President Mester said she had seen a"compelling economic case" for deliveringin the fed funds rate at the previous central bank meeting. Meanwhile, St. Louis Fed President Bullard said further rate increases will"lock in" easing inflation as well.
Bank of America on Friday predicted that the US central bank will hike interest rates by 25 basis-points at its June meeting, piling onto predictions of another hike coming at the March meeting of the Federal Open Market Committee.
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Stock Market Today: Stocks slide back toward session lows after remarks by Fed's BullardU.S. stocks sink toward session lows after remarks by Fed's Bullard Reality hurts Um could it be a combination of Mester, Bullard, CPI, PPI, Philly Fed Index & jobs report. This market is on stilts & its really heavy. This has been an 'I don't believe the Fed' rally. Maybe they are starting to believe. Also $TSLA recall has hurt the market. Tesla down 16 points from today's high.
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