The S&P 500 and the Nasdaq made a slight recovery on Friday as Treasury yields retreated from multi-year highs, while shares of Ford jumped on news of progress in labor talks with workers' union.
"I don't think that the markets have fully thought through the economic impact of higher rates," said Jason Pride, chief of investment strategy and research at Glenmede in Philadelphia.
"Higher rates mean higher cost of borrowing for everybody and should affect the marginal decisions to spend or grow businesses or employ people which should have a negative impact on the economy." Traders' bets on the benchmark rate remaining unchanged in November and December stood at 73% and 58%, respectively, according to CME's FedWatch tool.in September, with the vast services sector essentially idling at the slowest pace since February.
Several Fed policymakers, including policy voting member Minneapolis President Neel Kashkari, are set to speak during the day.
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