Wall Street was looking to rally after Friday's late slide, with S&P 500 futures adding 0.4% and Nasdaq futures 0.1%.
"Hence, we expect an accelerated taper at the December meeting, followed by the first rate hike in March. We continue to expect three 25 basis point hikes in 2022."The hawkish outlook is one reason BofA chief investment strategist Michael Hartnett is bearish on equities for 2022, expecting a "rates shock" and a tightening of financial conditions.
Ten-year U.S. yields dived almost 13 basis points last week and were last at 1.38%, shrinking the spread over two-years to the smallest this year. U/S The euro was holding at $1.1303 and above its recent trough at $1.1184, while the dollar lost ground on the safe haven yen to 112.94 .