The head of multinational bank Barclays PLC on Monday said he expects more volatility in the U.S. stock market when the Federal Reserve raises interest rates but does not expect a massive selloff as some market observers have predicted. Barclays’ Chief Executive Jes Staley told CNBC that the Fed tightening its monetary policy will lead to more uncertainty but he’s not too concerned about the direction of the market. Still, “everyone needs to have their eyes wide open” when the Fed resumes normalizing its policy, he said. The U.S. stock market tumbled on Friday on concerns over an imminent rate hike although the S&P 500 and the Dow Jones Industrial Average have since recovered to trade higher. Staley also downplayed the negative implications of Brexit on the U.K. economy and added that he is heartened by comments from Bank of England Gov. Mark Carney who has rejected a negative-rate policy for now.
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From:: Stock Market News