US stocks lower after Fed official sees rate hikes in 2022
India Today
Stocks were broadly lower on Friday after a Federal Reserve official said that the nation's central bank might need to raise interest rates as early as next year.
Stocks were broadly lower Friday after a Federal Reserve official said that the nation's central bank might need to raise interest rates as early as next year, sooner than the Fed's latest estimate of possible rate increases in 2023. The S&P 500 index fell 0.9% as of 9:50 a.m. Eastern. The Dow Jones Industrial Average lost 1.3%, dragged down by technology companies and banks, while the Nasdaq Composite was down 0.6%. The S&P 500 is on pace to end the week down 1.6% while the Dow is down more than 3%. The Nasdaq is still barely positive for the week. St. Louis Federal Reserve President James Bullard said on business news channel CNBC that he expects the first interest rate increase the Fed could make could come as soon as 2022. That's faster than what the Federal Reserve said on Wednesday, when a forecast by policymakers put the consensus estimate of interest rate hikes in 2023.More Related News