It looks like Brainard comments are moving the markets. The Fed Vice Chair said the Federal Reserve will maintain tight monetary policy “for as long as it takes to get inflation down.” Brainard speech signals more rate hikes but also persistent emphasis on disinflationary forces.

Highlights:

- Fed policy rate will need to rise further

- Monetary policy will need to remain restrictive for some time

- Labor demand is strong, which is difficult to reconcile with the increasingly pessimistic tone of activity

- The Fed will be in it "for as long as it takes" to curb inflation

- It is especially critical to guard against an increase in inflation expectations

- Higher policy rates and balance sheet reductions should aid in restoring supply/demand equilibrium

Rates are cooling down with the 10-year dropping 5 basis points to 3.28% and the 2-year yield down 3 points to 3.46%.

Utilities and Consumer Discretionary are higher this afternoon, while Energy is the only sector in the red.

As of today, the Atlanta GDP growth for Q3 has been revised down from 2.6% to 1.4%. The expected rebound is weaker than previously expected, but for the moment, it is hanging on.

Investors continue to focus on Fed speeches today, including Michael Barr, the Federal Reserve's new regulatory chief, as well as the release of the Beige Book.