The Dow industrials had their worst week since October, dropping more than 3%, amid concerns about the direction of the Fed's monetary policy (corrects an earlier tweet, now deleted, that said it was the worst week since January)
U.S. stocks retreated Friday, as traders warily eyed the Federal Reserve for hints of where monetary policy is headed.
Policy makers had signaled Wednesday that they expect to raise interest rates by late 2023, sooner than they had previously anticipated. Sentiment waned again on Friday after Federal Reserve Bank of St. Louis leader James Bullard said on CNBC that heThe Fed has faced more inflation than it expected, and policy makers need to be nimble, he added. But it will take several Fed meetings to organize the debate over tapering its bond-purchase program, he said.
“The markets will be more spooked by 2022 turning to a rate hike, because that will mean they have to taper as well,” said Derek Halpenny, head of research for global markets in the European region at MUFG Bank. More than 116 million options contracts were set to expire on Friday, according to Cboe Global Markets data, the second highest level ever.
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