- Treasuries recovered and stocks fell at the end of a jittery week that saw investors positioning for a Federal Reserve stance of higher-for-longer.
- Ten-year yields fell after briefly rising above 4.5% for the first time since 2007. The S&P 500 experienced its worst week since March. The technology sector, which bore the brunt of the recent rout, outperformed. Apple rose after the release of its latest iPhones and watches. A gauge of Chinese stocks listed in the United States rose on news that Washington and Beijing are forming working groups to discuss economic and financial issues.
- Two Fed officials stated that at least one more rate hike is possible and that borrowing costs may need to remain higher for a longer period of time in order for the central bank to return inflation to its 2% target. While Fed's Collins stated that further tightening is "certainly not off the table," Fed's Bowman indicated that more than one increase is likely, cementing her position as one of the FOMC's most hawkish members.
- Fed's Daly stated that she is not ready to declare victory in the fight against inflation and that the central bank is still committed to reducing price pressures "as gently as possible."
