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Market Update: US Futures Fall, Dow on Track for Worst Week since January
US futures were lower on Friday, with the Dow Jones falling more than 400 points and on track to book a 2% loss on the week, the most since January. Traders continue to digest Fed’s policy stance and fresh economic data, while Treasury yields fell from recent weekly highs, partially reflecting a slightly less optimism toward the economic growth. Also, Fed James Bullard said on Friday he sees an initial interest rate increase happening in late-2022 and that it would take the Fed several meetings to figure out how to pare back stimulus. The Fed said Wednesday it now expects two rate hikes by the end of 2023, with Powell mentioning that the discussion about scaling back bond purchases will likely start soon although investors got a bit confused about exactly when that would happen. At the same time, policymakers forecast higher inflation and GDP growth this year but recent data pointed to rising jobless claims and falling retail sales while the housing market is also starting to slow. [/s2If]
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