In this week’s recap: Powell comments spur sell-off on Wall Street.
A Weekly Economic Update
In this week’s recap: Markets tap brakes, but hold fast against downbeat news.
A Weekly Economic Update
Stocks were under pressure all week due to inflation worries, higher yields, and rising recession concerns. In advance of the much-awaited mid-week meeting of the Federal Open Market Committee (FOMC), bond yields jumped, and stocks retreated on speculation that the Fed might raise rates by 75 basis points. When the Fed announced a 75 basis point hike on Wednesday, stocks rebounded strongly.
A Weekly Economic Update
Stocks posted solid gains for the week, buoyed by the release of Fed meeting minutes and upbeat earnings from mid-size and discount retailers.