Rate hike fears send stocks back to the drawing board

The market doesn't like this talk of rate hikes

Since the FOMC minutes, the market has slowly been shifting its focus away from trade and back to interest rates. Rosengren compounded it today with some talk about raising rates +4 times this year.

As a result, the 2-year yield rose to the highest since 2008 at 2.3689%. It's backed off a bit as the negative-feedback loop from stocks has hit. And in addition, trade worries are right back on the menu with China potentially blocking a pair of deals.

Looking ahead on the Fedspeak category, next week features Bostic (Monday), Williams, Quarles, Harker and Evans (Tuesday), Dudley, Quarles and the Beige book (Wednesday), Brainard, Quarles and Mester (Thursday) and Evans Friday.