U.S. stocks took off after one of the worst trading days in months on Friday: The Dow industrials took their worst tumble since October, and the

S&P 500

slipped the most since February.

Notably, New York Federal Reserve Bank President John Williams said at a conference on Monday that the current economic recovery may be choppy, though markets did not appear to react to the comment.

Last week’s market decline came after the U.S. Federal Reserve indicated that it would begin raising interest rates sooner than expected, with two increases penciled in for 2023. St. Louis Federal Reserve President
James Bullard
said on Friday that he sees an initial rate increase happening in 2022.

Part of the market’s rebound on Monday was a revived reflation trade, at least to some degree. Value stocks, which are more sensitive to inflation and economic growth, are…

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