Stocks dropped amid concern over how much the Federal Reserve will have to boost rates to tame decades-high inflation without throwing the economy into a recession.Traders will be closely watching a host of central bank speakers this week after Chair Jerome Powell on Wednesday played down the option of a 75 basis-point rate hike. Federal Reserve Bank of Atlanta President Raphael Bostic told Bloomberg Television he favors policy makers continuing to raise rates by half-point increments rather than doing anything larger. Meantime, his Minneapolis counterpart Neel Kashkari said he’s confident officials will bring inflation down.The S&P 500 traded near its lowest level in a year. The gap between five- and 30-year rates grew to the widest in just over six weeks as long-dated bonds came under pressure. Two-year notes — the most sensitive to imminent changes in policy — rallied, with yields tumbling. The dollar advanced.
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