- In response to hawkish remarks by the Federal Reserve and European Central Bank officials that raised investors' expectations of rising interest rates, US equities futures and European stocks fell. Bond prices dropped when the dollar rose.
- Following Thursday's more than 1% decline in the underlying indices, contracts for the S&P 500 and Nasdaq 100 declined. As money market traders wagered that the ECB's deposit rate will peak at 3.75% by October, up from a low of 3.4% following the bank's meeting this month, rates-sensitive technology stocks drove falls in Europe's Stoxx 600 index.
- The benchmark treasury yields increased for a fourth day, with the two-year and 10-year yields reaching their highest levels for 2023. The dollar measure increased as much as 0.6%, erasing its losses for the year. Data released on Thursday revealed that US producer prices rose by the most since June in January.
- Mester, president of the Federal Reserve Bank of Cleveland, stated that she had seen a compelling economic case for implementing another 50 basis-point increase, and Bullard, president of the Federal Reserve Bank of St. Louis, stated that he would not rule out supporting a half-point increase at the March meeting. Schnabel, an executive board member of the European Central Bank, cautioned that markets ran the risk of underestimating inflation.
