Dow futures are pointing to a drop of more than 350 points at the open for the blue-chip index after St. Louis Fed President James Bullard hinted that he...
Dow futures are pointing to a drop of more than 350 points at the open for the blue-chip DJIA, -0.71% index after St. Louis Fed President James Bullard hinted that he feels the Fed funds rate may need to top 7% to bring inflation to heel. “To attain a sufficiently restrictive level, the policy rate will need to be increased further,” Bullard said during a speech in Louisville, Ky.
In his speech, Bullard didn’t explicitly say how high he feels the policy rate must go — but he did suggest that the rate may need to rise to a range of 5% to 7% in a slide-show presentation accompanying his remarks. S&P 500 futures EM00 were off 50 points, or 1.3%, at 3,919. Dow futures were down 353 points, or 1%, at 33,246. Nasdaq 100 futures were off 170 points, or 1.5%, to 11,568. Treasury yields are sharply higher as well, with the 10-year note yield up 10.5 points at 3.798%.
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