U.S. stocks retreated Friday, putting the Dow on track for its worst weekly performance since the end of January as traders warily eyed the Federal Reserve for hints of where monetary policy is headed.index of blue-chip stocks had dropped 1.9% this week
Policy makers 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.
In bond markets, the yield on the 10-year Treasury note flipped between gains and declines. It was at 1.47% Friday morning,Investors had already gained some confidence that the Fed would act to curb rising inflation after policy makers signaled Wednesday that they. That started to take the steam out of a recent rally in stocks linked to a broad economic recovery, leading to a retreat in banking and energy shares this week.
“Given that a lot of investors are sitting on huge gains, the temptation is to reduce risk,” said Luca Paolini, chief strategist at Pictet Asset Management. “When you have the combination of expensive valuations and changes in Fed policies, it is better to lock in gains.”
It should be now.
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