Hawkish sentiment from Fed officials and higher manufacturing prices weighed on stocks and buoyed Treasury yields, giving markets a bad start to March.
even when markets were struggling last year. Founder David Einhorn said he's continuing to bet against "bubble baskets" of stocks this year.Hawkish sentiment from Federal Reserve officials weighed on stocks and buoyed Treasury yields, giving markets a disappointing start to March.
Minneapolis Federal Reserve President Neel Kashkari said Wednesday he's "open-minded" about raising interest rates by either 25 or 50 basis points. Kashkari, who is a voting member on the Federal Open Market Committee, added he might hike rates even further. "I would continue to push up my policy path," he said. Atlanta Fed President Raphael Bostic said he's comfortable with the 5% to 5.
The S&P 500 lost 0.47% and the Nasdaq Composite dropped 0.66%. The Dow, however, managed to hold steady. "We are currently in the … period between central banks winding down interest rate increase cycles and seeing what impact those increases will have on the real economy," said William Northey, senior investment director at U.S. Bank Wealth Management.gave a clue of what that impact looks like. The reading came in at 47.
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