- After a chorus of Federal Reserve officials reaffirmed their intention to keep raising interest rates and traders increased tightening wagers for other major central banks, US equity-index futures declined along with Treasury bonds.
- After Thursday's advances put the market benchmark on track for the longest string of weekly gains since November, contracts for September on the S&P 500 index declined by 0.8%. With NASDAQ 100 futures declining 0.9% on Friday, technology equities continued to be the weaker link. The yield on the two-year Treasury increased by 5 basis points. The dollar was on track to experience its largest weekly gain since June 2021. In New York premarket trading, Bed Bath & Beyond fell 42% as a significant investor sold his holdings.
- Fed's Bullard and Fed's George, two voting members of the Federal Open Market Committee, reiterated that the US central bank will continue to hike interest rates until inflation eased back to its 2% target. Although their opinions, which were revealed on Thursday, differed on the size of the Fed's move in September, they allayed fears that the Fed would become more dovish in response to a spate of dismal economic indicators.
