Stocks were down slightly to end the week as the US dollar rose on rate expectations. The S&P 500 fell 0.1% to 2,183 and the Dow Jones fell 0.2% to 18,552. Utilities sold off 1.2% while bank shares rose 0.2%. The S&P 500 fell 0.3% this week and the Dow Jones lost 0.45% in part due to hawkish comments from Bill Dudley who suggested that markets were mispricing the Fed’s course of action. Fed funds futures over the week repriced in response to Dudley’s comments, and that market now shows a probability of over 50% chance of higher rates by the end of the year. Accordingly Treasury yields moved higher this week. Today the 10 year yield rose 4bp to 1.58% and the two year rose 3bp to 0.74%. The spread between the 2 and 10 year bear steepened to 84bp. The US dollar today also rose across the board. USD gained vs EUR 0.3% to $1.1326. USD rose against JPY 0.33% to Y100.21. USD rose against GBP 0.7% to $1.3076. WTI finished the week at $48.57 and Brent at $50.75, both higher on the week.