The March contract for the Bloomberg Commodity Index (ERH23) was down for the third consecutive day on Thursday. Since ending 2022 at 112.80, the contract is down 5.03 at 107.77.

The February crude oil contract CLG23 was down over 2% in trading early Thursday.

The Federal Reserve raised interest rates by a half point (50 basis points) on Wednesday in line with forecasts.

Silver rallied to start the week as all contract months were up four percent or more.

Federal Reserve Chair Jerome Powell’s hawkish comments dominated the markets on Friday, with the major indices all seeing a drop of over 3%.