Wall Street's S&P 500 index tumbled 1.3% after Fed Governor Lael Brainard said reining in inflation that is at a four-decade high is of “paramount importance.” Brainard said the Fed is set to keep raising rates after its March hike, its first in four years, and might decide at its May meeting to reduce bond holdings “at a rapid pace.”
“It’s hard to be particularly optimistic” about the war, “but we live in hope,” said Craig Orlam of Oanda in a report. “And it seems investors do too” despite inflation, rate hikes and high commodity prices. Higher interest rates tend to hurt stocks that are seen as the priciest, which puts the focus on big technology and other high-growth stocks. Apple and Tesla were some of the biggest weights on the market.
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