- Stocks recovered from nearly oversold levels, while bond yields soared on expectations that the Federal Reserve will remain hawkish in the face of the highest inflation in nearly four decades.
- Despite exhausting gyrations, the S&P 500 managed to close slightly above 3,900, a level considered by some technical analysts to be a make-or-break level for short-term direction. Treasuries slid across the yield curve, pushing the 10-year yield above 3.3%. The Japanese yen hit a fresh 24-year low.
- After a slew of Fed speakers signalled the central bank will maintain its tight policy, US stocks have lost roughly half of their gain since their June lows.
