Reuters
Dow drops 1% after hawkish Bullard remarks
The Dow fell 1% on Friday after Federal Reserve official James Bullard said inflation was stronger than anticipated and it would take the central bank several meetings to figure out how to pare back stimulus. The blue-chip Dow and the benchmark S&P 500 were set for their worst day in a month after Bullard, president of the St. Louis Federal Reserve, said he was among the seven officials who saw rate increases beginning next year to contain inflation. “The commentary has sparked concerns about inflation and people are questioning how transitory it will actually be, with most of the data showing gains in excess of 3% towards the end of this year,” said Sam Stovall, chief investment strategist at CFRA Research.
