Dow futures sink over 300 points as Fed's Bullard estimates that initial rate increase could happen in late 2022

U.S. stock-index futures saw losses deepen Friday morning as St. Louis Federal Reserve President Jim Bullard said, during a CNBC interview, that the central bank could lift benchmark interest rates, which currently stand at a range between 0% and 0.25%, as early as late next year. Futures for the Dow Jones Industrial Average /zigman2/quotes/210407078/delayed YM00 -0.33% were down more than 300 points, or 1%, at 33,366, those for the S&P 500 index /zigman2/quotes/209948968/delayed ES00 -0.14% were off 0.8% at 4,180, while Nasdaq-100 futures /zigman2/quotes/210219788/delayed NQ00 +0.11% were trading 0.6% lower at 14,068. The Dow and S&P 500 are headed for weekly declines, while the Nasdaq Composite Index was headed for a weekly gain after the Federal Reserve delivered its most recent policy update on Wednesday. Bullard's comments mark the first from a Fed member since the conclusion of its rate-setting meeting. Bullard is not currently a member of the Federal Open Market Committee, which helps to set rates. Bullard told CNBC that he thinks "it's natural that we've tilted a little more hawkish to contain inflationary pressures." He also said that comments from Fed Chairman Jerome Powell have opened the door to tapering the Fed's $120 billion montly asset-purchases, which include $40 billion of mortgage-backed securities.