The Dow Jones Industrial Average dropped 533.37 points, or 1.6%, to end at 33,290.08. The S&P 500 fell 55.41 points, or 1.3%, closing at 4,166.45. The Nasdaq Composite Index, slid 130.97, or 0.9%, ending at 14,030.38.

St. Louis Federal Reserve President Jim Bullard offered a fresh dose of hawkishness, saying Friday that he thinks the Fed should lift its benchmark interest rate as early as late 2022.

Bullard's comments followed statements earlier in the week from the Federal Open Market Committee and remarks by Fed Chairman Jerome Powell, which were viewed as setting the stage for a less accommodative stance by the central bank. Fed policy makers penciled in two rate increases by the end of 2023 and discussed the eventual tapering of the central bank's asset buying program.

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