The major indices are taking on some downside heat in early US trading. The declines are once again led by the NASDAQ index. Yesterday the NASDAQ index was the weakest of the major indices as well.

The exception of the market 12 minutes into the opening is currently showing

  • Dow industrial average -235.52 points or -0.70% at 33318.32
  • S&P index +42.36 points or -1.07% at 3916.42
  • NASDAQ index -136.73 points or -1.22% at 11046.93
  • Russell 2000-28.83 points or -1.56% at 1824.32

Earlier today Fed's Bullard said that policy is not get in range to be sufficiently restrictive. The Fed hikes to date have only had a limited effect on observed inflation.

Bullard just added that any signs of disinflation are tentative at best, but is hopeful for 2023. He sees a minimum level for restrictive policy would be 5% – 5.25%.

Meanwhile the economic data showed mixed employment numbers with the initial claims remaining stay that relatively low levels. For the Philadelphia Fed employment component fell sharply as did the index.

Looking at US yields, they remain sharply higher:

  • 2 year 4.449%, +8.7 basis points
  • 10 year 3.78% +8.7 basis points
  • 30 year 3.908% +4.8 basis points