Wall Street has been hoping that easing inflation and a slowdown in economic growth might influence the Federal Reserve's position on interest rates. The central bank aggressively raised rates throughout 2022 in an effort to cool hot inflation, but that has hurt prices of stocks and bonds, and risks going too far and bringing on a recession.
"I still see the larger risk coming from tightening too little," Mester said in an interview Tuesday with The Associated Press. "Today's retail sales and industrial production disappointments increase the likelihood of a recession," said Sam Stovall, chief investment strategist at CFRA. All told, the S&P 500 fell 62.11 points to 3,928.86. The Dow dropped 613.89 points to 33,296.96. The tech-heavy Nasdaq slid 138.10 points to close at 10,957.86.
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