REUTERS/Kevin LamarqueStocks and bonds are both getting hit in futures trading this morning ahead of the opening bell.
The selling in bonds started around 7:35 AM ET, while stocks took a sharp turn lower at 8 AM.
S&P 500 futures are now trading around 1604, down from 1612 prior to 8 AM.
5-year U.S. Treasury futures are trading right around 121'000, now in the red versus levels around 121'050 prior to 7:35.
Federal Reserve Governor Jeremy Stein is speaking on monetary policy in New York this morning. His prepared comments were released at 8, but it's unclear whether markets are taking their cue from Stein.
Stein said the FOMC shows a greater willingness to spell out the goals of quantitative easing, and that the 7% unemployment goal for ending bond-buying clarifies the Fed's intent.
"There are limits to how much even good communication can do to limit market volatility, especially at times like these," said Stein in the speech. He also said that the FOMC should "be clear that in making a decision in, say, September, it will give primary weight to the large stock of news that has accumulated since the inception of the program and will not be unduly influenced by whatever data releases arrive in the few weeks before the meeting."
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