Stocks Get Hit as Hawkish Fed Chorus Grows Louder: Markets Wrap
- Central bank officials keep up calls for more rate increases
- Traders ramping up wagers that Fed will raise benchmark to 6%
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A selloff in tech stocks weighed heavily on trading Wednesday, with the most-recent string of Federal Reserve speakers reinforcing the idea that interest rates will need to keep climbing to quash inflation.
Their tone was unmistakably intended to catch the market’s attention in what looked like a concerted effort to weigh against very risk-friendly interpretations of Jerome Powell’s interview on Tuesday, noted Krishna Guha at Evercore ISI. From Fed Bank of New York President John Williams to his Minneapolis counterpart Neel Kashkari and Governor Christopher Waller, the message was clear: policy may need to be tight for a while.