Dow futures are pointing to a drop of more than 350 points at the open for the blue-chip index after St. Louis Fed President James Bullard hinted that he...
Dow futures are pointing to a drop of more than 350 points at the open for the blue-chip DJIA, -0.71% index after St. Louis Fed President James Bullard hinted that he feels the Fed funds rate may need to top 7% to bring inflation to heel. “To attain a sufficiently restrictive level, the policy rate will need to be increased further,” Bullard said during a speech in Louisville, Ky.
In his speech, Bullard didn’t explicitly say how high he feels the policy rate must go — but he did suggest that the rate may need to rise to a range of 5% to 7% in a slide-show presentation accompanying his remarks. S&P 500 futures EM00 were off 50 points, or 1.3%, at 3,919. Dow futures were down 353 points, or 1%, at 33,246. Nasdaq 100 futures were off 170 points, or 1.5%, to 11,568. Treasury yields are sharply higher as well, with the 10-year note yield up 10.5 points at 3.798%.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sally Beauty Supply closing 350 storesThe company announced last week that most of the closings will happen in December. The locations that will be impacted have not been identified.
Read more »
Agricultural high school students prepare farm-to-table Thanksgiving dinner for 350 senior citizensStudents at the Chicago High School for Agricultural Sciences raised and baked 18 turkeys and grew the vegetables, while woodworking classes made wooden wheelbarrows students in horticulture classes filled with flowers for centerpieces.
Read more »
Fed's Bullard: Policy not yet sufficiently restrictive to reduce inflationThe US Federal Reserve's (Fed) monetary policy is not yet in a range estimated to be sufficiently restrictive to reduce inflation, St. Louis Federal R
Read more »
Fed's Bullard: Even 'dovish' policy assumptions require further rate increasesEven under a 'generous' analysis of monetary policy the Federal Reserve needs to continue raising interest rates probably by at least another full percentage point, St. Louis Federal Reserve President James Bullard said, arguing that rate hikes so far 'have had only limited effects on observed inflation.'
Read more »
Fed's Bullard says interest rates will need to rise further to bring inflation downThe Federal Reserve's benchmark interest rate will need to be increased further to bring inflation down, said St. Louis Fed President James Bullard on Thursday.
Read more »
Former MLB player Yasiel Puig agrees to plead guilty to lying to feds about illegal gamblingYasiel Puig, once a star outfielder for the Los Angeles Dodgers, has agreed to plead guilty to lying to federal authorities about sports bets with an illegal gambling ring, the Justice Department announced Monday.
Read more »