Janet Yellen’s Fed Comments Lower Stocks

Janet Yellen’s Fed Comments Lower Stocks (Bloomberg)

Today, Federal Reserve Chair Janet Yellen revealed that the Fed’s stimulus program could end in the fall and that benchmark interest rates could rise soon after. Stocks fell on the news, ending a three-session winning streak. “The pace of tightening, once the Fed starts tightening, is a little bit faster than thought before and I think that’s why we’re getting this market reaction,”John Canally, an economic strategist at LPL Financial Corp., said. “Being reminded that the Fed will eventually raise rates is getting traders’ attention.”