U.S. stocks ended the week lower, with the S&P 500 down 1.3% and the Dow down 0.8% for the week. Foreign markets also declined, as the FTSE All World Ex US fell 1.4% for the week. Supply chain constraints from the war in Ukraine and the shutdowns in China helped push domestic and foreign stocks lower. US crude ended the week at $98.26 per barrel, down from $99.27 the week prior.
Fed officials said they are strongly committed to taking steps that will lower inflation this year. They signaled they could raise rates by a half percentage point at their next meeting and begin reducing their asset portfolio as part of an effort to curb price pressures.
The yield on the 10-year Treasury note hit a three-year high before ending the week at 2.70%.