S&P 500 will end 2022 lower than current level -adviser

STORY: The benchmark S&P 500 index closed lower on Tuesday after a three-session rally as volatile oil trading kept soaring inflation in focus and investors reacted to hawkish comments from a Federal Reserve official.

Fed policy was top of mind for investors as U.S. President Joe Biden and Fed Chair Jerome Powell met on Tuesday to discuss inflation, which Biden said ahead of the meeting was his "top priority."

The U.S. central bank has increased its policy interest rate by 75 basis points since March and is expected to hike the overnight rate by half a percentage point at each of its next meetings in June and in July, leaving some investors worried the Fed's aggressive monetary policy actions to fight inflation could lead to a recession.