U.S. stocks retreated Friday, with the Dow posting its worst weekly performance since the end of January 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.
President Biden signed the Juneteenth National Independence Day Act into law Thursday, creating the first new federal holiday in nearly four decades. WSJ’s Patrick Thomas explains how the signing could be a catalyst for more firms to observe the holiday. Photo: Evan Vucci/Associated Press “If the Fed tapers bond purchases and it raises rates, then all of a sudden the inflation dragon gets tamed,” said Gregory Perdon, co-chief investment officer at private bankSome investors are also booking profits after a strong monthslong rally that has left the S&P 500 just shy of its record close on June 14.
It’s not too late for sleepy Joe to step down. This is AWFUL
No, no, I don’t want to see this. 😬
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