Highlights
Stocks reversed lower on Friday after bond yields ticked up following hawkish-sounding comments from Federal Reserve Chair Kevin Warsh. At 3 PM ET, the Dow Jones industrial average was down 0.1 percent, the S&P 500 was off 0.4 percent, and the Nasdaq lost 0.6 percent. The dollar. The dollar edged up and oil prices were slightly lower.
Warsh did not provide guidance on policy but his comments stressed his concern about inflation so much that markets are now pricing in a 58 percent chance of a rate hike in September, up from about 36 percent before the Warsh appearance.
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