Markets Drop as Powell Comments Drive Yields Higher, Shoppers Feel Cost-of-Living Squeeze
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Stocks dropped on Friday as bond yields rose following Fed Chair Powell's comments suggesting rates will stay higher for longer.
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U.K. retail sales and consumer confidence data showed shoppers are feeling cost-of-living pressures.
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Asian markets fell Friday, following Wall Street's lead after Powell drove yields higher.
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Gold prices rose while base metal prices fell amid weak demand in China.
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Industrial metals remain the worst performing commodity sub-asset class in 2022.