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U.S. stocks capped the worst monthly losses since March 2020

Fed officials try to manage expectations, diplomatic push on Ukraine intensifies, and oil market focus turns to OPEC+.

There are signs that some Federal Reserve policy makers think that markets may be getting ahead of themselves with the projected pace of rate hikes. Four officials spoke yesterday, each emphasizing the need for gradual tightening and the need for moves to be data-dependent. Kansas City Fed President Esther George, a policy voter this year, said “unexpected adjustments” are in nobody’s interest while San Francisco Fed chief Mary Daly emphasized the need not to be disruptive. The dollar weakened and Treasury yields dropped as markets reacted to the reduced chances of a “shock and awe” hike next month.